Vodafone Continues Talks With Saudi Telecom For Potential Stake Sale In Vodafone Egypt

(RTTNews) - Vodafone Group Plc (VOD, VOD.L) Monday said it continues to talk with Saudi Telecom Co. regarding the potential sale of its 55% stake in Vodafone Egypt, despite the expiry of the Memorandum of Understanding.

The company noted that due diligence has been substantively completed with respect to the potential sale.

Vodafone said it now looks to Saudi Telecom and Telecom Egypt to find a suitable agreement to enable the deal to close

It was in January that Vodafone signed a Memorandum of Understanding to sell its 55 percent shareholding in Vodafone Egypt to Saudi Telecom. The companies then had agreed for a cash consideration of $2.39 billion or 2.17 billion euros for the stake.