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Banking sources told CNBC Arabia that the STC-Vodafone Egypt deal resurfaced after being disrupted last December, after a year of negotiations for the Saudi company to acquire Vodafone’s global stake in its Egyptian unit.
The sources added that the Saudi company is seeking a soft loan of around $ 1.1 billion as it intends to fund the deal using part of the cash it has, and another part of the global markets. debt, knowing that it happens at some point. when financing costs have fallen considerably.
At the start of 2020, the two companies announced the signing of a memorandum of understanding for a possible sale of Vodafone’s 55% stake in Vodafone Egypt to Saudi Telecommunications Company, for $ 2.39 billion.
During long months of negotiations, during which the MoU was extended more than once until the deal was concluded at the end of last year.
The sources told CNBC Arabia that the Saudi company’s access to funding depends on negotiations with the parent company, noting the possibility that the ongoing negotiations will eventually fail.
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