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Vodafone to sell stake in Egyptian unit to Saudi Telecom for $2.4 billion


DUBAI/CAIRO (Reuters) - Vodafone Group has struck a preliminary deal to sell its 55% stake in its Egyptian unit to Saudi Arabia’s largest telecoms operator STC for $2.4 billion, the companies said on Wednesday.

The non-binding deal values Vodafone Egypt at $4.4 billion and the two companies have agreed a arrangement over the long-term use of the Vodafone brand and other services in Egypt.

Selling the stake is in line with Vodafone’s efforts to streamline its operations to focus on Europe and sub-Saharan Africa, Vodafone Chief Executive Nick Read said.

“It will reduce our net debt ...


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