Vodafone Sells Egypt Stake To Saudi Group For $2.4bn

British telecoms group Vodafone on Wednesday said it had agreed to sell its majority stake in its Egyptian unit to Saudi Telecom Company for $2.4 billion (2.2 billion euros)

London, (UrduPoint / Pakistan Point News - 29th Jan, 2020 ) :British telecoms group Vodafone on Wednesday said it had agreed to sell its majority stake in its Egyptian unit to Saudi Telecom Company for $2.4 billion (2.2 billion Euros).

"This transaction is consistent with our efforts to simplify the group to two differentiated, scaled geographic regions, Europe and sub-Saharan Africa," Vodafone chief executive Nick Read said in a statement.

He said that the cash sale for the 55-percent holding in Vodafone Egypt would additionally reduce group debt and unlock value for Vodafone shareholders.

Vodafone's share price was up 0.4 percent at 157.28 pence following the announcement.