Anti-monopoly body probes legality of Telecom Egypt’s bid for acquisition of Vodafone

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Thu, 13 Feb 2020 - 10:12 GMT

Telecom Egypt permises - Creative Commons via Wikimedia

Telecom Egypt permises - Creative Commons via Wikimedia

CAIRO - 12 February 2020: The Egyptian Competition Authority said Wednesday it was probing the legality of using the right of preemption by Telecom Egypt to fully acquire its peer and competitor Vodafone Egypt.

The anti-monopoly body said it had received a formal request from Vodafone Egypt to investigate the legality of such move.

On January 29, the international communication giant Vodafone Group announced that it has signed a preliminary deal with Saudi Telecom Company (STC) for a potential sale of its 55% stake in Vodafone Egypt to STC for 2.39 billion dollars.

Telecom Egypt, which holds another 45% stake in Vodafone Egypt, said it hired an investment bank to study the available investment potentials in the light of the Vodafone Group and STC deal.

Telecom Egypt, earlier, had agreed with Vodafone Egypt to use the right of preemption in case the latter offered its stake for sale.

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