Following reports last month which claimed that Qatar Investment Authority (QIA) was aiming to acquire Telecom Egypt’s (TE’s) entire stake in Vodafone Egypt, it has now been suggested a deal could be finalised by September this year.

According to Daily News Egypt, which cites unnamed sources familiar with the matter, a deal had actually been expected to be finalised last month after the parties involved agreed on the valuation of Vodafone Egypt. It was, however, delayed as the stake to be sold remained a topic of debate; it is understood that QIA continues to seek TE’s entire 45% stake in Vodafone Egypt, while the Egyptian government – TE’s majority shareholder – remains keen to divest only a 25% shareholding.

Nonetheless, the sources quoted by the local press outlet said that negotiations are continuing, and it is expected that implementation of a deal will take place before end-September 2023.

Source: Commsupdate