World VoIP NewsTelecom Egypt ends talks to buy Vodafone Egypt stakeTelecom Egypt ends talks to buy Vodafone Egypt stake

Telecom Egypt ends talks to buy Vodafone Egypt stake

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Telecom Egypt has backed away from its desire to buy out Vodafone's stake in its Egyptian mobile network, the company announced in a brief statement. Vodafone currently holds a 54.9% stake in the company, while Telecom Egypt holds 44.95%.
­"Vodafone and Telecom Egypt announce that discussions concerning the ownership structure of Vodafone Egypt (VFE) have concluded," they said in a joint statement. "The parties have agreed that it is in the best interest of VFE that the current ownership structure should remain in place."

"The parties remain committed to working together to ensure the ongoing success of VFE," the statement concluded.

It has been reported that Telecom Egypt could have to pay around £3 billion to buy out the Vodafone holding in the company.

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