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Vodafone stake sale needs Egyptian regulatory approval

Reuters
·1-min read
The Vodafone logo is seen at the Mobile World Congress in Barcelona

CAIRO (Reuters) - Egypt's telecoms regulator will have to approve a sale by Vodafone <VOD.L> of its 55% stake in its local operations to Saudi Telecom Co (STC) <7010.SE>, it said on Thursday.

Both firms on Wednesday announced a non-binding deal proposal, valuing Vodafone Egypt <VODE.CA> at $4.4 billion.

Once finalised, the regulator would have to approve it, the body said in a statement.

With 44 million subscribers and a 40% market share, Vodafone Egypt is the country's biggest mobile operator. The remaining 45% stake is held by majority state-owned Telecom Egypt <ETEL.CA>.

(Reporting by Ehab Farouk and Ulf Laessing; editing by David Evans)