Saudi Telecom (STC), the kingdom’s biggest telecoms operator, announced on Monday, April 13, it needed more time to complete processes related to a planned deal to buy Vodafone Group’s 55% stake in Vodafone Egypt.
Saudi Telecom in January struck a preliminary deal to buy the stake for US$2.4 billion, seeking growth in the Arab world’s most populous nation.
STC stated it had extended its memorandum of understanding with Vodafone Group for 90 days and attributed the reason for the delay to logistical challenges caused by the novel coronavirus pandemic.
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