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Vodafone hawks off Egyptian arm for $2.4bn

The sale will help the telecoms giant trim its massive debt pile, which stood at €48.1bn at the end of September

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Vodafone Group plc (LON:VOD) has struck a deal to sell its 55% stake in its Egyptian arm for US$2.4bn to Saudi Telecom Company (STC).

Vodafone said it had agreed to form a long-term ‘partner market agreement’ where Saudi Telecom will pay for use of the Vodafone brand, preferential roaming arrangements, access to Vodafone's central procurement function, and a range of other services.

Chief executive Nick Read said: “This transaction is consistent with our efforts to simplify the group to two differentiated, scaled geographic regions - Europe and sub-Saharan Africa.”

The sale will help the FTSE 100 telecoms giant trim its massive debt pile, which stood at €48.1bn at the end of September.

Finalisation of the transaction is expected to follow completion of due diligence on Vodafone Egypt by STC and regulatory approval, leading to expected completion by the end of June 2020.

Quick facts: Vodafone Group plc

Price: 116.08 GBX

LSE:VOD
Market: LSE
Market Cap: £31.08 billion
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