Vodafone to sell stake in Egypt biz for $4.3 b

Telecom Egypt, which already owns a 45 per cent in Vodafone Egypt, approached UK-based Vodafone about buying the remaining stake, the report said citing people familiar with the situation.

The report also said that talks about a possible deal began about one month ago, but no decision has been taken yet. However, Vodafone declined to comment, while Telecom Egypt said it was not aware of the talks, the daily noted.

According to the publication, Vodafone Egypt’s revenue growth has slowed in the past two years because of the economic slowdown.

Vodafone Chief Executive Officer Vittorio Colao is undertaking cost-cutting measures as the company struggles to offset a declining demand for its services in Europe with investments in emerging markets.
Press Trust of India