Saudi STC postpones $2.4bn acquisition deal of Vodafone Egypt

State-run Saudi Telecom Com (STC), the kingdom’s largest telecom company, Tuesday said its planned $2.4-billion deal to acquire 55 per cent of Vodafone Egypt has been postponed for at least three months owing the Coronavirus pandemic.

STC in a statement pinned the decision on logistical challenges caused by the Covid-19 pandemic.

The company also said both parties have agreed to take more time for the completion of the transaction processes.

The transaction has been in the pipeline since January this year after the Saudi telecom giant indicated that it had reached a primary deal to buy the shares for $2.4 billion, as part of its entry into the Egyptian market, the largest Arab population in the Middle East region.

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