VODAFONE GROUP RAISES STAKE IN EGYPT SUBSIDIARY

Mergers, Acquisitions and Financial Results

Vodafone Group raised its majority stake in Vodafone Egypt on Sunday in a deal worth 1.15 billion Egyptian pounds (101 million pounds), the stock exchange and a company official said on Sunday.

Egypt's bourse said a tender offer had been executed on Vodafone Egypt, with an unidentified buyer taking more than 11.5 million shares at a price of 100 pounds per share. A Vodafone Egypt official identified Vodafone Europe BV, a subsidiary of Vodafone Group, as the buyer. The shares were down 5 percent at 94.86 pounds at one point last week.

Vodafone Group offered last month to increase its 50.1 percent stake in Vodafone Egypt by 4.9 percent by tendering for shares which are mostly held by Telecom Egypt, the country's only fixed-line operator. The two carriers have said they plan to collaborate on services.

Reuters