It was announced from reliable sources that Vodafone Egypt submitted an application to the Competition Protection Authority today, Wednesday 12 February 2020, in order to study the situation of Telecom Egypt and that it is using the right of pre-emption in the stc deal, which includes the purchase of 55% of the share of Vodafone Egypt , And we will publish the details of this news to you through our article.
Reasons for Vodafone to request competition protection
The trusted source presented the reasons that Vodafone submitted this request to the Competition Protection Authority, which is the company’s fear if Telecom Egypt uses the right of pre-emption to fall under the jurisdiction of the law, because it is considered a competitor to it, and was announced on the twenty-ninth day of January The past through Vodafone sold 55% of its stake in the stc deal, and that was in exchange for $ 2.393 billion, or about 37 billion Egyptian pounds.
Vodafone sale to Telecom Egypt
After Vodafone sold 55% of its stake to the Saudi Telecom Company, ownership will be distributed to Vodafone International, for Saudi Telecom to be 44.5%, and it is worth noting that after the announcement of this deal, the National Authority obliged Vodafone International Group to undertake written approval of this transaction in order to complete it.