Saudi Telecom Company STC announced the end of the term of the Memorandum of Understanding with Vodafone Group (Vodafone) for the possible acquisition of the Vodafone Group's 55% stake in Vodafone Egypt, Without reaching an agreement to complete the deal.
The company added, in a statement published on the Saudi market website Tadawul, that the termination of the extension of the Memorandum of Understanding is due to a lack of compatibility with the concerned parties, as the understanding between stc and Vodafone Group to keep The dialogue is open.
and STC had extended the memorandum of understanding last April for a period of 90 days. She emphasized that the two companies will work during this period to proceed with the transaction procedures, as specified in the memorandum of understanding, indicating that they will announce later on any substantive developments in a timely manner.
The Saudi Telecom Company STC had signed a non-binding memorandum of understanding with the Vodafone Group on January 29, 2020, with the aim of acquiring Vodafone's stake in Vodafone Egypt, which is 55%.
A few days ago, Bloomberg revealed that the Saudi Telecom Company (STC) is negotiating to reduce the $ 2.39 billion non-binding bid to buy a stake in Vodafone Egypt, according to Bloomberg. About sources.
The deadline for STC Saudi Arabia to proceed with the non-binding offer submitted was supposed to expire in January, and in July the Saudi company extended the Memorandum of Understanding, for the second time, For 60 days due to the impact of the Coronavirus epidemic.
and the Egyptian capital market law obliges STC to submit a mandatory bid for the entire stake of Vodafone Egypt, including the stake owned by Telecom Egypt.
and Bloomberg indicated that STC said that its bid to buy 55% of Vodafone Egypt, the stake owned by Vodafone Global, brings the total value of the company to 4.35 billion dollars. .
(Amazon Fun Knowledge)
