Saudi Telecom offers US$2.39b for Vodafone Egypt stake

FILE PHOTO: People walk past Vodafone Egypt Telecommunications Co in the Cairo suburb of Maadi, Egypt February 6, 2018. REUTERS/Amr Abdallah Dalsh/

CAIRO: Saudi Telecom Co. offered $2.39 billion for Vodafone Group Plc’s holding in its Egyptian unit as it seeks ways to expand outside it home market.

The cash offer is for Vodafone’s 55% stake in Vodafone Egypt, the country’s largest mobile operator, and the memorandum of understanding is valid for 75 days, according to a statement. The non-binding offer gives an enterprise value of $4.35 billion for the North African firm.