Saudi Telecom ended talks to acquire a 55% stake in Vodafone Egypt from Vodafone for $2.39bn.

Saudi Telecom, a Saudi Arabia-based telecommunications company, ended talks to acquire a 55% stake in Vodafone Egypt from Vodafone, a multinational telecommunications company, for $2.39bn. “Egyptian government is committed to an optimal framework for the telecoms sector, which will enable Vodafone Egypt to deliver on the country’s vision of digitization and financial inclusion and create a technology hub to support our growth in the African region,” Nick Read, Vodafone Group CEO.