{"id":574549,"date":"2020-09-14T04:12:05","date_gmt":"2020-09-14T04:12:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/14\/stc-vodafone-group-vow-to-continue-acquisition-talks-after-deadline-expires-without-agreement\/"},"modified":"2020-09-14T04:12:05","modified_gmt":"2020-09-14T04:12:05","slug":"stc-vodafone-group-vow-to-continue-acquisition-talks-after-deadline-expires-without-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/14\/stc-vodafone-group-vow-to-continue-acquisition-talks-after-deadline-expires-without-agreement\/","title":{"rendered":"STC, Vodafone Group vow to continue acquisition talks after deadline expires without agreement"},"content":{"rendered":"

<\/a> M&A WATCH- STC, Vodafone Group vow to continue acquisition talks after deadline e<\/strong>xpires without agreement:<\/strong> Saudi Telecom Company (STC) has failed to reach an agreement with Vodafone Group to acquire its 55% stake in Vodafone Egypt after the deadline set by an MoU signed in January expired yesterday, STC said in a statement<\/a> to the Saudi stock exchange. Local press reports<\/a> last week suggested that the two companies had reached a preliminary agreement on a reduced valuation, but STC yesterday said that negotiations failed to find a breakthrough \u201cdue to misalignment with relevant parties.\u201d Vodafone initially received a USD 2.39 bn non-binding offer for the majority stake, valuing the company at USD 4.4 bn. Cash-strapped Vodafone Plc was reportedly open to fielding a lower offer after STC came under pressure amid slumping oil prices and the covid-19 pandemic.<\/p>\n

This isn\u2019t the first time proceedings have been delayed: <\/strong>The two companies twice extended the MoU signed in January: a 90-day extension was agreed in April<\/a> and a further 60-day postponement occurred in mid-July<\/a> due to \u201clogistical challenges\u201d resulting from the pandemic. The Financial Regulatory Authority has also said it could compel STC to submit a mandatory tender offer for the remaining 45% of the company should the acquisition be completed. This would nearly double the cost of the acquisition, and had caused STC to return to the drawing board and reassess its calculations, Youm7<\/a> reports, citing an unnamed source.<\/p>\n

This isn\u2019t over:<\/strong> Both companies said that talks will continue, despite the expiry of the MoU. Vodafone \u201cremains in discussions with STC to finalize the transaction in the near future\u201d and \u201clooks to STC and Telecom Egypt (TE) to find a suitable agreement to enable the transaction to close,\u201d Vodafone said in a statement picked up by Bloomberg<\/a>. Reports suggested<\/a> last week that STC could move to finalize the transaction at the end of the year, giving it enough time to submit the offer and get regulatory approval.<\/p>\n

TE is in \u201cwait and see\u201d mode:<\/strong> Telecom Egypt holds a remaining 44.8% stake in Vodafone Egypt and has the right to exercise its right of first refusal and lodge a bid for the 55% stake held by the UK company. The state-owned firm said it had not been approached by either company and is still considering its options in a statement<\/a>. Vodafone sources have said that the company doesn\u2019t believe TE will move forward with a counter offer and is in fact more likely to sell its stake given its current debt position. TE\u2019s share price slid by 5.85% during trading yesterday following news that the MoU between STC and Vodafone had expired without a sale.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- STC, Vodafone Group vow to continue acquisition talks after deadline expires without agreement: Saudi Telecom Company (STC) has failed to reach an agreement with Vodafone Group to acquire its 55% stake in Vodafone Egypt after the deadline set by an MoU signed in January expired yesterday, STC said in a statement to the […]<\/p>\n","protected":false},"author":1,"featured_media":574550,"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":[214,107,72,125,7128,1601,2380,465],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-cit","tag-covid-19","tag-enterpriseam","tag-investment-watch","tag-ma-watch","tag-saudi-telecom-company","tag-speed-round","tag-vodafone-group","wpautop","entry"],"acf":{"mongo_id":"036db4ed-eb00-4dc3-b7b4-99fa17e7afcd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/154.jpg","photo_position":"above","related_issue":[574544],"teaser":"","voice_url":""},"yoast_head":"\nSTC, Vodafone Group vow to continue acquisition talks after deadline expires without agreement - 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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":574379,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/stc-looks-to-reduce-usd-2-4-bn-offer-for-vodafone-egypt\/","url_meta":{"origin":574549,"position":1},"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? 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\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\/9\/98.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567506,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/26\/vodafone-refuses-to-comment-on-stc-acquisition-talks\/","url_meta":{"origin":574549,"position":2},"title":"Vodafone refuses to comment on STC acquisition talks","author":"enterpriseam admin","date":"26 January 2020","format":false,"excerpt":"M&A WATCH- Vodafone won\u2019t comment on STC acquisition talks: A senior Vodafone official yesterday refused to comment on reports that Vodafone Group had entered into talks with Saudi Telecom Company (STC) to offload its 55% stake in Vodafone Egypt, the local press reported. Sources in the telecoms sector told Youm7\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":574549,"position":3},"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":[]},{"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":574549,"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":574464,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/10\/stc-to-extend-vodafone-egypt-acquisition-talks-and-make-final-offer-this-month-sources\/","url_meta":{"origin":574549,"position":5},"title":"STC to extend Vodafone Egypt acquisition talks and make final offer this month -sources","author":"enterpriseam admin","date":"10 September 2020","format":false,"excerpt":"STC to extend Vodafone Egypt acquisition talks and make final offer this month? Saudi Telecom (STC) will reportedly make its final non-binding offer for a 55% stake in Vodafone Egypt by the end of September, the local press reports, citing unnamed sources allegedly familiar with the talks. Under the original\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\/9\/126.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\/574549","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=574549"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574549\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574544"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574550"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574549"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574549"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}