Friday, May 21, 2010

Vodafone - In talks to sell its Egyptian operation to Telecom Egypt, leaving one of Africa's largest markets

[bloomberg] Vodafone Group Plc is in talks to sell its 55 percent stake in Vodafone Egypt Telecommunications Co., a person familiar with the matter said. The stake is valued by analysts at about 3 billion pounds ($4.3 billion).

Telecom Egypt, which already owns 45 percent of Egypt’s second-largest mobile phone operator, approached Vodafone about the stake, the person said, declining to be identified because the talks are private. Negotiations are at an early stage and no accord has been reached, the person said.

“We estimate that Telecom Egypt that has no debt could and should pay in the region of 3 billion pounds for Vodafone’s stake in Vodafone Egypt,” Robin Bienenstock, an analyst at Sanford C Bernstein Ltd., said in an e-mailed note.

Vodafone in Talks to Sell $4.3 Billion Stake in Egypt Unit

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