Emirati holding company ADQ has begun negotiations with the Egyptian government to buy Telecom Egypt’s stake in Vodafone Egypt, a deal that is of interest to the Qatar Investment Authority.
The Qatar Investment Authority has been in talks with the Egyptian government to buy Telecom Egypt’s stake in Vodafone Egypt since September last year, but an agreement has yet to be reached due to a dispute between the two parties over the proposed percentage of the acquisition.
The Qatari sovereign wealth fund wants Telecom Egypt’s entire stake in Vodafone Egypt, while the government is reluctant to give up more than 25% of the company.
The Egyptian government aims to use the partial proceeds from the sale of its stake in Vodafone Egypt to build and launch fifth-generation networks in the country.
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