Qatar Investment Authority said to want Telecom Egypt’s full stake in Vodafone Egypt
June 7th 2023
Following claims last year that the Qatar Investment Authority (QIA) was in advanced talks regarding the acquisition of stakes held by the Egyptian state in a number of Egyptian companies, new reports suggest that the sovereign wealth fund is now aiming to acquire Telecom Egypt’s (TE’s) entire stake in Vodafone Egypt.
According to Daily News Egypt, which cites unnamed sources in the local mobile market, negotiations remain ongoing between the parties involved, but with the QIA seeking to acquire the entire 45% stake in Vodafone Egypt held by TE, the Egyptian government is said to have some concerns over the state-owned operator divesting its full share in Vodafone.
With regard to expected scenarios said to have been disclosed by the sources with knowledge of the matter, any deal could be implemented in two phases, the first of which would see QIA acquire all or part of TE’s holding in Vodafone Egypt. Following this, it has been suggested that the Qatari outfit could ultimately seek to acquire the 55% stake held in Vodafone Egypt by South Africa-based Vodacom Group. Meanwhile, the sources were reported to have said that any initial deal could be closed before 30 June 2023.
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