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Vodacom submits an initial offer to acquire a stake in Vodafone Egypt

“Vodafone Egypt’s” executive management announced that it had notified “Telecom Egypt” that “Vodafone Group” had received an initial offer from its subsidiary “Vodacom” to transfer its stake in “Vodafone Egypt” to “Vodacom”.

The South African company, “Vodacom”, confirmed today, Wednesday, that it intends to enter the Egyptian telecom market, by acquiring a majority stake in “Vodafone Egypt”.

It added that it aims to buy a 55% stake in the Egyptian unit of the “Vodafone group”, for $2.74 billion.

It is known that “Vodafone International” owns 55% of “Vodafone Egypt’s” shares, while “Telecom Egypt” owns 45%.

Notably, in early 2020, “Vodacom” became the second network operator in Africa to be equipped with a direct 5G network.

The fifth generation was initially available in Johannesburg, Pretoria, and Cape Town.

“Vodacom” provides business services to customers in more than 32 other African countries, including Nigeria, Zambia, Angola, Kenya, Ghana, Côte d’Ivoire, and Cameroon.

“Vodacom’s” ownership structure is divided into 60.5% of the “Vodafone International Group”, as well as another major stake in the South African telecommunications giant “Telecom.”