Bloomberg Asharq previously reported the potential deal back in early September, stating that QIA was negotiating to purchase 25% of Vodafone Egypt
Qatar is in the advanced stages of negotiations to acquire around $2.5 billion of state-held stakes in Egypt’s largest telecom, as well as in several unnamed local companies, revealed Bloomberg today, citing anonymous sources.
Under the potential acquisition, which could be completed by the end of 2022, the Qatar Investment Authority (QIA) – Qatar’s sovereign fund - could acquire around 20% of Vodafone Egypt from Telecom Egypt Co., explained Bloomberg.
Bloomberg Asharq previously reported the potential deal back in early September, stating that QIA was negotiating to purchase 25% of Vodafone Egypt.
However, Vodafone Egypt replied in a stock market statement that it had not received any official offers at that time.
Sources did not identify the other companies, but did reveal that they are not listed on the Egyptian Exchange.
Founded in 2005, Qatar’s sovereign fund aims to invest in Asian and US markets after years of substantial investment in Europe. The Qatari wealth fund owns stakes in some of the world’s largest companies including the London Stock Exchange Group, Volkswagen, and Glencore Mining and Trading. It currently oversees an estimated $445 billion in assets.
Update | On Oct. 20, Telecom Egypt revealed that it had yet to receive any official bids in a statement to the Egyptian Exchange
