Saudi Telecom Company’s (STC) attempt to acquire a 55 percent stake in Vodafone Egypt has expired despite two deadline extensions of the companies’ memorandum of understanding (MoU).

The two companies entered into a non-binding MoU in January, extended in April and July, but announced today (Sunday) that an agreement had not been reached.

STC is majority owned by Saudi's sovereign wealth fund, the Public Investment Fund (PIF).

STC, the kingdom’s largest telecom operator told Tadawul, the Saudi stock exchange, that an understanding had been reached to keep dialogue open with Vodafone Group.

Vodafone Egypt is the country's biggest mobile operator with 44 million subscribers and a 40 percent market share.

(Writing by Imogen.lillywhite; editing by Daniel Luiz)

imogen.lillywhite@refinitiv.com

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