Riyadh – Mubasher: Saudi Telecom Company (stc) said that the tenure of the non-binding agreement previously signed with Vodafone Group to take over a 55% stake in Vodafone Egypt has ended without reaching an agreement to conclude the transaction due to misalignment with relevant parties.
However, stc and Vodafone Group agreed to keep the dialogue open, according to a filing to the Saudi bourse on Sunday.
In January, the Saudi telecom operator entered into a non-binding memorandum of understanding (MoU) with Vodafone, renewed in April and July, to acquire the said stake for $2.392 billion, equivalent to EGP 37.8 billion (SAR 8.97 billion).
