Telecom Egypt Wants To Take Control Of Vodafone NetworkMay 2010 | Company News Alert
Reports have emerged that incumbent operator Telecom Egypt (TE) has approached Vodafone about acquiring its majority stake in their mobile joint venture, Vodafone Egypt. The deal is believed to be worth up to GBP3bn (US$4.2bn). Egypt is a pretty attractive market, being both large and still growing fairly well. Although this would imply that Vodafone would not want to leave the market, CEO Vitorio Colao indicated at the company's annual results meeting in May 2010 that he was willing to look at selling some non-core majority-owned assets, and BMI thinks that Egypt could be one of those.
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