{"id":568624,"date":"2020-01-29T04:19:31","date_gmt":"2020-01-29T04:19:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/vodafone-confirms-plans-to-exit-egypt\/"},"modified":"2020-01-29T04:19:31","modified_gmt":"2020-01-29T04:19:31","slug":"vodafone-confirms-plans-to-exit-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/vodafone-confirms-plans-to-exit-egypt\/","title":{"rendered":"Vodafone confirms plans to exit Egypt"},"content":{"rendered":"

<\/a> M&A WATCH- Those rumors of Vodafone wanting to bail on Egypt have turned out to be <\/strong>true: <\/strong>Vodafone Group is set to sign a memorandum of understanding with Saudi Telecom (STC) that could see it offload its stake in Vodafone Egypt, the cabinet said in a statement yesterday<\/a>. This confirms rumors last week<\/a> that STC was in talks with the multinational to acquire its 55% stake in its Egypt arm.<\/p>\n

CEO attributes exit to strategic shift:<\/strong> The statement came following talks between Vodafone Group CEO Nicholas Read, Vodafone Egypt CEO Alexandre Froment-Curtil<\/a> and Prime Minister Moustafa Madbouly in Cairo yesterday. Read said that the company has decided to exit Egypt because of its \u201cstrategy to focus its investments,\u201d the statement reads. Vodafone has exited several markets in the past year, selling both its New Zealand<\/a> and Malta<\/a> units. There is also speculation<\/a> that it could leave India following disastrous quarterly figures<\/a> last year.<\/p>\n

Regulators are ready to sign-off on the acquisition:<\/strong> A source in the telecoms sector told Al Mal<\/a> that the National Telecommunications Regulatory Authority will approve the acquisition after the companies have finalized an agreement. The due diligence process will take a maximum of six months, the source said, adding that financial and legal advisers to oversee the transaction have not yet been appointed.<\/p>\n

An acquisition would bring Vodafone\u2019s 22-year history in Egypt to an end:<\/strong> The company has been operating in Egypt since 1998, and is the largest mobile operator in the country.<\/p>\n

STC has been eyeing up Vodafone Egypt for years:<\/strong> The Saudi company more than six years ago was reported<\/a> to be engaged in acquisition talks with state-owned Telecom Egypt over its 45% stake in the company. Telecom Egypt said on Sunday<\/a> that it has no plans to exit the company.<\/p>\n

Telecom Egypt shares rose 6.1% yesterday<\/strong> in anticipation of an acquisition agreement, EGX data shows.<\/p>\n

Are we getting an official announcement today?<\/strong> A source close to Vodafone Egypt yesterday told the local press<\/a> that STC will today announce its acquisition of the company.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Those rumors of Vodafone wanting to bail on Egypt have turned out to be true: Vodafone Group is set to sign a memorandum of understanding with Saudi Telecom (STC) that could see it offload its stake in Vodafone Egypt, the cabinet said in a statement yesterday. This confirms rumors last week that STC […]<\/p>\n","protected":false},"author":1,"featured_media":568625,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[214,72,7128,1601,2380,142,465],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-cit","tag-enterpriseam","tag-ma-watch","tag-saudi-telecom-company","tag-speed-round","tag-vodafone-egypt","tag-vodafone-group","wpautop","entry"],"acf":{"mongo_id":"2877d791-80e7-4b96-8671-88c51bc78045","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/728.jpg","photo_position":"above","related_issue":[568619],"teaser":"","voice_url":""},"yoast_head":"\nVodafone confirms plans to exit Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/vodafone-confirms-plans-to-exit-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vodafone confirms plans to exit Egypt\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Those rumors of Vodafone wanting to bail on Egypt have turned out to be true: Vodafone Group is set to sign a memorandum of understanding with Saudi Telecom (STC) that could see it offload its stake in Vodafone Egypt, the cabinet said in a statement yesterday. This confirms rumors last week that STC […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/vodafone-confirms-plans-to-exit-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-29T04:19:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/728.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/vodafone-confirms-plans-to-exit-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/vodafone-confirms-plans-to-exit-egypt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Vodafone confirms plans to exit Egypt\",\"datePublished\":\"2020-01-29T04:19:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/vodafone-confirms-plans-to-exit-egypt\/\"},\"wordCount\":343,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/vodafone-confirms-plans-to-exit-egypt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/728.jpg?fit=%2C&ssl=1\",\"keywords\":[\"CIT\",\"EnterpriseAM\",\"M&A Watch\",\"Saudi Telecom Company\",\"SPEED ROUND\",\"Vodafone Egypt\",\"Vodafone Group\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/vodafone-confirms-plans-to-exit-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/vodafone-confirms-plans-to-exit-egypt\/\",\"name\":\"Vodafone confirms plans to exit Egypt - 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The Saudi firm signed a MoU with Vodafone Group at the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/71.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570525,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/stc-postpones-talks-for-loan-to-finance-vodafone-egypt-takeover\/","url_meta":{"origin":568624,"position":3},"title":"STC postpones talks for loan to finance Vodafone Egypt takeover","author":"enterpriseam admin","date":"5 April 2020","format":false,"excerpt":"M&A WATCH- STC postpones talks for loan to finance Vodafone takeover: Saudi Telecom Company (STC) has delayed talks to raise debt finance for its acquisition of Vodafone Group's 55% stake in Vodafone Egypt due to the covid-19 outbreak, Bloomberg reports, quoting sources in the know. This doesn\u2019t mean that the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576067,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/09\/vodafone-egypt-chief-confirms-sale-talks-are-still-on-says-vfe-will-make-full-use-of-new-spectrum-in-18-24-months\/","url_meta":{"origin":568624,"position":4},"title":"Vodafone Egypt chief confirms sale talks are still on, says VFE will make full use of new spectrum in 18-24 months","author":"enterpriseam admin","date":"9 November 2020","format":false,"excerpt":"INVESTMENT WATCH- Vodafone Egypt chief confirms sale talks are still on, says VFE will make full use of new spectrum in 18-24 months. Vodafone Egypt expects to maximize the usage of its new frequencies within the next 18-24 months, CEO Mohamed Abdallah said at a press conference yesterday, according to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/89.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574379,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/stc-looks-to-reduce-usd-2-4-bn-offer-for-vodafone-egypt\/","url_meta":{"origin":568624,"position":5},"title":"STC looks to reduce USD 2.4 bn offer for Vodafone Egypt","author":"enterpriseam admin","date":"8 September 2020","format":false,"excerpt":"M&A WATCH- Is STC about to make a new, lower offer for Vodafone Egypt? 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