Telecom Egypt Interested in Buying out Vodafone Egypt Stake
Telecom Egypt has confirmed that it is interested in buying out Vodafone's holding in their joint venture mobile network, Vodafone Egypt. Vodafone currently holds a 54.9% stake in the company, while Telecom Egypt holds 44.95%.
In a statement, Telecom Egypt said that the company is exploring several alternatives including increasing its stake and role in Vodafone Egypt or potentially to apply for the fourth mobile license if the Egyptian government were to make one available.
Tarek Tantawy, CEO and Managing Director of Telecom Egypt also added that the board of Telecom Egypt had not made any decisions yet and that further announcements will only be made in due course.
It has been reported that Telecom Egypt could have to pay around £3 billion to buy out the Vodafone holding in the company.