FROM THE RUMOR MILL- The Qatar Investment Authority (QIA) is reportedly close to acquiring a 25-30% stake in Vodafone Egypt from Telecom Egypt through the Qatari ruling family’s telco Ooredoo, reports Al Mal, citing sources close to the sovereign fund. The deal is likely to close prior to the end of June.

Remember: The Qatari fund was reported in February to be looking to acquire TE’s entire 45% stake in Vodafone Egypt, a demand which was said to have stalled talks with the government which didn’t want to cede more than 25% of the company.We learned earlier this week that the two sides recently resumed negotiations.

It doesn’t just want TE’s stake: The newspaper’s sources say that if the company is able to acquire TE’s full stake it will look to enter talks with Vodacom, which owns the remaining 55% of the company. Vodacom, the South African subsidiary of Vodafone Group, acquired the majority stake from its parent company last year.

The devaluation hasn’t been kind to the company’s valuation: The current valuation of the company has been estimated to be around USD 3 bn, down from USD 5 bn before the devaluation of the EGP, Al Mal’s sources claim. Vodacom paid almost EUR 2.4 bn for Vodafone Group’s 55% stake in December.

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