STC said to be in talks to slash offer for Vodafone Egypt

Saudi Telecom Co. (STC) is in talks to reduce its non-binding $2.39 billion offer for a stake in Vodafone Egypt, Bloomberg reported, citing sources with knowledge of the matter.

In January this year, STC signed a non-binding memorandum of understanding (MoU) to acquire 55% stake in Vodafone’s Egyptian business, according to data compiled by Argaam.

The deal is estimated at $2.39 billion (SAR 8.97 billion), valuing Vodafone Egypt at $4.35 billion (SAR 16.31 billion).

On April 13, STC extended the non-binding MoU to acquire 55% stake in Vodafone Group’s Egyptian business for additional 90 days until Sept. 12.