January 30, 2020 / 8:20 AM / 20 days ago

Telecom Egypt's shares open up 10% following Saudi Telecom bid for Vodafone Egypt stake

CAIRO, Jan 30 (Reuters) - Telecom Egypt shares rose by 10% in early trading on Thursday, rising for a third consecutive day following a bid by Saudi Telecom Co (STC) , the kingdom’s biggest telecom operator, to buy a 55% stake in Vodafone Egypt.

With 44 million subscribers and a 40% market share, Vodafone Egypt is the country’s biggest mobile operator.

The non-binding deal, which could be STC’s biggest in over a decade, values Vodafone Egypt at $4.4 billion and the two companies have agreed an arrangement over the long-term use of the Vodafone brand and other services in Egypt.

Reporting by Ehab Farouk, writing by Amina Ismail; editing by David Evans

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