The Vodafone Group is ready to buy Telecom Egypt’s 45 per cent stake in Vodafone Egypt, according to a Bloomberg report.
Analysts at Naeem Brokerage, quoted by Bloomberg, reckon the sale could raise $2 billion for Telecom Egypt, which is 80 per cent owned by the state.
As well as boosting government coffers, a Telecom Egypt exit may well avert a conflict of interest for the country’s fixed-line monopoly holder.
Telecom Egypt has already applied for an integrated licence, a concession that allows operators – for the first time in Egypt – to offer fixed and mobile services under one licence.
Integrated licences would also open the door for Egypt’s three main mobile operators – Etisalat, Orange and Vodafone – to offer fixed-line services.
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