Telecom Vodafone to sell control of its subsidiary in Egypt for $ 2.4 billion to a Saudi group

Vodafone announced in a press release that it had reached an agreement to sell 55% of the capital of its Egyptian subsidiary to the Saudi number one in the STC sector for 2.4 billion dollars. The transaction is expected to close by the end of June. The press release also underlines the fact that the agreement with STC provides that the British brand will continue to be used in Egypt.