{"id":568885,"date":"2020-02-06T04:23:52","date_gmt":"2020-02-06T04:23:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone\/"},"modified":"2020-02-06T04:23:52","modified_gmt":"2020-02-06T04:23:52","slug":"telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone\/","title":{"rendered":"Telecom Egypt to hire an investment bank to oversee STC\u2019s MTO for Vodafone"},"content":{"rendered":"

<\/a> M&A WATCH- Market regulator confirms STC must submit MTO for 100% of Vodafone <\/strong>Egypt, prompting TE to look for advisors:<\/strong> Telecom Egypt (TE) is in the market for an investment bank to advise it on the mandatory tender offer (MTO) Saudi Telecom Company (STC) is required to submit for TE\u2019s shares in Vodafone Egypt, the state-owned company said in a bourse statement (pdf)<\/a>. This comes as the Financial Regulatory Authority (FRA) confirmed that STC is required under the Capital Market Act to submit an MTO for the 44.8% stake in Vodafone Egypt owned by TE and the 0.2% held by minority shareholders if it closes its bid to acquire Vodafone Group\u2019s 55% stake.<\/p>\n

Who\u2019s in the running for the job?<\/strong> TE is reportedly fielding offers from four potential advisors, the local press says, citing a government official<\/a>. According to the official, a choice will be made within only \u201ca few days.\u201d Vodafone Group has yet to announce who it has hired as its investment bankers.<\/p>\n

Where STC\u2019s acquisition offer currently stands:<\/strong> STC had signed a non-binding MoU to purchase Vodafone Group\u2019s 55% stake in Vodafone Egypt in a USD 2.39 bn cash agreement last week<\/a>. The sale values 100% of Vodafone Egypt at USD 4.4 bn and would give STC a 42% share of Egypt\u2019s telecommunications market.The agreement is valid for another 75 days and subject to renewal, but all signs suggest so far that the transaction is moving forward<\/a>. Telecom Egypt (TE) has raised no objections to the sale and has telegraphed that it will not exercise its right of first refusal<\/a> under its shareholder agreement with Vodafone Group.<\/p>\n

Moody\u2019s says the agreement could squeeze STC\u2019s margins and push the company into negative credit rating territory<\/strong> if the MTO is entirely debt-funded, especially in light of the telecom operator\u2019s recently inaugurated 5G network. The pinch wouldn\u2019t be catastrophic though as Moody\u2019s estimates expect STC recoup the costs by diversifying its revenue base and exploiting lower labor costs in Egypt, reports Zawya<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Market regulator confirms STC must submit MTO for 100% of Vodafone Egypt, prompting TE to look for advisors: Telecom Egypt (TE) is in the market for an investment bank to advise it on the mandatory tender offer (MTO) Saudi Telecom Company (STC) is required to submit for TE\u2019s shares in Vodafone Egypt, the […]<\/p>\n","protected":false},"author":1,"featured_media":568886,"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":[72,76,7128,1601,4541,2380,212,465],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-financial-regulatory-authority","tag-ma-watch","tag-saudi-telecom-company","tag-securities-regulation","tag-speed-round","tag-telecom-egypt","tag-vodafone-group","wpautop","entry"],"acf":{"mongo_id":"3e3869cb-c09d-4732-8eca-b11bd876b270","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/94.jpg","photo_position":"above","related_issue":[568880],"teaser":"","voice_url":""},"yoast_head":"\nTelecom Egypt to hire an investment bank to oversee STC\u2019s MTO for Vodafone - 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\/02\/06\/telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Telecom Egypt to hire an investment bank to oversee STC\u2019s MTO for Vodafone\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Market regulator confirms STC must submit MTO for 100% of Vodafone Egypt, prompting TE to look for advisors: Telecom Egypt (TE) is in the market for an investment bank to advise it on the mandatory tender offer (MTO) Saudi Telecom Company (STC) is required to submit for TE\u2019s shares in Vodafone Egypt, the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-06T04:23:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/94.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\/02\/06\/telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Telecom Egypt to hire an investment bank to oversee STC\u2019s MTO for Vodafone\",\"datePublished\":\"2020-02-06T04:23:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone\/\"},\"wordCount\":349,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/94.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Financial Regulatory Authority\",\"M&A Watch\",\"Saudi Telecom Company\",\"securities regulation\",\"SPEED ROUND\",\"Telecom Egypt\",\"Vodafone Group\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/telecom-egypt-to-hire-an-investment-bank-to-oversee-stcs-mto-for-vodafone\/\",\"name\":\"Telecom Egypt to hire an investment bank to oversee STC\u2019s MTO for Vodafone - 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The Saudi Telecom Company (STC) is planning to submit paperwork to the Capital Market Authority arguing that it should be exempt from making a mandatory tender offer for Telecom Egypt's stake\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":568841,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/stc-might-be-required-to-submit-a-mandatory-offer-for-100-of-vodafone-egypt\/","url_meta":{"origin":568885,"position":2},"title":"STC might be required to submit a mandatory offer for 100% of Vodafone Egypt","author":"enterpriseam admin","date":"5 February 2020","format":false,"excerpt":"M&A WATCH- STC could be required to submit a mandatory offer for 100% of Vodafone: Saudi Telecom Company (STC) is required by law to submit a mandatory tender offer (MTO) for the 44.8% stake in Vodafone Egypt owned by Telecom Egypt (TE) and the 0.2% held by minority shareholders if\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\/2\/71.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569739,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/stc-begins-vodafone-egypt-due-diligence\/","url_meta":{"origin":568885,"position":3},"title":"STC begins Vodafone Egypt due diligence","author":"enterpriseam admin","date":"5 March 2020","format":false,"excerpt":"M&A WATCH- STC begins Vodafone Egypt due diligence: Saudi Telecom (STC) has begun doing due diligence on Vodafone Egypt ahead of a possible USD 2.4 bn acquisition of Vodafone Group\u2019s 55% stake in the company, unnamed sources told Youm7. 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":574513,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/13\/vodafone-group-stc-reach-early-agreement-to-revalue-vodafone-egypt-sources\/","url_meta":{"origin":568885,"position":4},"title":"Vodafone Group, STC reach early agreement to revalue Vodafone Egypt -sources","author":"enterpriseam admin","date":"13 September 2020","format":false,"excerpt":"M&A WATCH- It looks like STC will indeed submit a lower bid for Vodafone Egypt \u2013report: Vodafone Group and Saudi Telecom Company (STC) have reportedly reached a preliminary agreement to reassess the value of Vodafone Egypt ahead of a potential acquisition of its majority stake by STC, Al Mal reports,\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":569073,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/12\/vodafone-taps-uk-based-linklaters-as-legal-counsel-in-stc-acquisition\/","url_meta":{"origin":568885,"position":5},"title":"Vodafone taps UK-based Linklaters as legal counsel in STC acquisition","author":"enterpriseam admin","date":"12 February 2020","format":false,"excerpt":"M&A WATCH- Vodafone taps UK-based Linklaters as legal counsel in STC acquisition: Vodafone Group has appointed law firm Linklaters to act as legal counsel in its planned sale of a major stake in Vodafone Egypt to Saudi Telecom Company (STC), the local press reports, citing anonymous sources. Vodafone Egypt has\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\/2\/166.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=568885"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568885\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/568886"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568885"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568885"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}