The Saudi Telecom Company and Vodafone Egypt signed an MOU to acquire the shares of Vodafone Group in Vodafone Egypt (around 55% of Vodafone Egypt).
STC and Vodafone signed the deal for about $2.4 billion.
CEO of Vodafone Egypt Alexander Froman stated that the Vodafone groups eyes the European marke at the moment, especially with the introduction of the 5G network.
He added that the deal will benefit Vodafone customers especially in regards to international roaming services.
The rest of shares in Vodafone Egypt are owned by Telecom Egypt and have been subject of conflict between the 2 providers when Telecom Egypt decided to launch it's mobile operator WE.
There are conflicting reports about the terms of the agreement and it is not confirmed whether there will be a rebranding replacing Vodafone with STC.