{"id":574379,"date":"2020-09-08T03:49:04","date_gmt":"2020-09-08T03:49:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/stc-looks-to-reduce-usd-2-4-bn-offer-for-vodafone-egypt\/"},"modified":"2020-09-08T03:49:04","modified_gmt":"2020-09-08T03:49:04","slug":"stc-looks-to-reduce-usd-2-4-bn-offer-for-vodafone-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/stc-looks-to-reduce-usd-2-4-bn-offer-for-vodafone-egypt\/","title":{"rendered":"STC looks to reduce USD 2.4 bn offer for Vodafone Egypt"},"content":{"rendered":"

<\/a> M&A WATCH- Is STC about to make a new, lower offer for Vodafone Egypt? <\/strong>Saudi Telecom (STC) is in talks with Vodafone to lower its non-binding USD 2.39 bn offer for a 55% stake in Vodafone Egypt, Bloomberg<\/a> reports, citing unnamed sources familiar with the matter. It remains unclear how STC values the stake, but an offer will need to be placed on the table before the deadline for negotiations passes at the end of this week. The Saudi firm extended the MoU<\/a> for an additional 60 days in mid-July due to \u201clogistical challenges\u201d resulting from the covid-19 pandemic. It extended the original agreement in April for the same reason.<\/p>\n

Background: <\/strong>STC began due diligence in March after signing a non-binding MoU with Vodafone Group in January to purchase its stake in Vodafone Egypt in a sale that would value the company at USD 4.4 bn. Telecom Egypt, which owns the remaining 45% of Vodafone Egypt, maintains the right of first refusal on the transaction, but it\u2019s still unclear how it plans to proceed should STC move ahead with the purchase. The Financial Regulatory Authority said after the initial acquisition agreement that the Saudi company may be required to make a mandatory tender offer<\/a> for 100% of the company if it goes ahead with the transaction.<\/p>\n

Advisers:<\/strong> Barclays is working with STC on the transaction, Goldman Sachs is advising Vodafone and EFG Hermes and Citibank are advising Telecom Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Is STC about to make a new, lower offer for Vodafone Egypt? Saudi Telecom (STC) is in talks with Vodafone to lower its non-binding USD 2.39 bn offer for a 55% stake in Vodafone Egypt, Bloomberg reports, citing unnamed sources familiar with the matter. It remains unclear how STC values the stake, but […]<\/p>\n","protected":false},"author":1,"featured_media":574380,"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":[294,84,72,76,260,1601,2380,212,142,465],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-citigroup","tag-efg-hermes","tag-enterpriseam","tag-financial-regulatory-authority","tag-goldman-sachs","tag-saudi-telecom-company","tag-speed-round","tag-telecom-egypt","tag-vodafone-egypt","tag-vodafone-group","wpautop","entry"],"acf":{"mongo_id":"820e46d6-b2ea-4c95-bf13-443d2f4a21d8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/98.jpg","photo_position":"above","related_issue":[574374],"teaser":"","voice_url":""},"yoast_head":"\nSTC looks to reduce USD 2.4 bn offer for Vodafone 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\/09\/08\/stc-looks-to-reduce-usd-2-4-bn-offer-for-vodafone-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STC looks to reduce USD 2.4 bn offer for Vodafone Egypt\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Is STC about to make a new, lower offer for Vodafone 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":572735,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/stc-completes-due-diligence-on-vodafone-egypt-to-announce-intention-mid-july\/","url_meta":{"origin":574379,"position":2},"title":"STC completes due diligence on Vodafone Egypt, to announce intention mid-July","author":"enterpriseam admin","date":"7 July 2020","format":false,"excerpt":"M&A WATCH- STC completes due diligence on Vodafone Egypt, to announce intention mid-July: Saudi Telecom (STC) has concluded its due diligence on Vodafone Egypt ahead of its potential USD 2.4 bn acquisition of Vodafone Group\u2019s 55% stake in the company, Masrawy reports, citing unnamed sources it says are familiar with\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":574513,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/13\/vodafone-group-stc-reach-early-agreement-to-revalue-vodafone-egypt-sources\/","url_meta":{"origin":574379,"position":3},"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":572888,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/13\/stc-extends-its-mou-for-vodafone-egypt-purchase-by-another-60-days\/","url_meta":{"origin":574379,"position":4},"title":"STC extends its MoU for Vodafone Egypt purchase by another 60 days","author":"enterpriseam admin","date":"13 July 2020","format":false,"excerpt":"M&A WATCH- STC extends MoU for Vodafone Egypt purchase for a second time: Saudi Telecom (STC) yesterday extended by another two months its agreement with Vodafone Group to purchase a 55% stake in Vodafone Egypt due to \u201clogistical challenges\u201d resulting from the covid-19 pandemic, the company announced in a filing\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":570766,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/stc-extends-mou-for-vodafone-takeover-by-3-months-on-covid-related-delays\/","url_meta":{"origin":574379,"position":5},"title":"STC extends MoU for Vodafone takeover by 3 months on covid-related delays","author":"enterpriseam admin","date":"14 April 2020","format":false,"excerpt":"M&A WATCH- STC extends Vodafone Egypt stake purchase agreement by three months on covid-related delays: Saudi Telecom (STC) has extended by 90 days its agreement with Vodafone Group for its planned acquisition of the group\u2019s 55% stake in Vodafone Egypt due to complications caused by the covid-19 pandemic, it said\u2026","rel":"","context":"In "Speed 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