Telecom Egypt announced that the South African group Vodacom has made an initial offer to acquire\u00a0Vodafone Group’s stake in\u00a0Vodafone Egypt.<\/p>\n
<\/div>\n
Vodafone Group will reveal the value and structure of the offer, Telecom Egypt said in a statement on Wednesday.<\/p>\n
On 7 June, a modified shareholders\u2019 agreement was signed, granting Telecom Egypt further rights and benefits and allowing Vodafone Group to transfer its shareholding in Vodafone Egypt within the group.<\/p>\n
Under the deal, Telecom Egypt has the right to buy Vodafone Group\u2019s shares in Vodafone Egypt through the right of first refusal (RoFR) process as well as information rights with regular disclosure to ensure visibility for Telecom Egypt on its investment in Vodafone Egypt.<\/p>\n
Additionally, the deal sets a committed minimum dividend policy for Vodafone Egypt of 60% of free cash flow (FCF) starting 2022, in addition to dividends worth EGP 10 billion to shareholders in 2021.<\/p>\n
Telecom Egypt’s Managing Director and CEO, Adel Hamed<\/strong>, commented: \u201cWe believe that the amendments to the shareholders\u2019 agreement enhance Telecom Egypt\u2019s visibility on its investment and its expected returns based on Vodafone Egypt\u2019s performance<\/em>.”<\/p>\n“The new shareholders\u2019 agreement preserves Telecom Egypt\u2019s rights and enhances its options to be more executable in the absence or presence of a deal. The commitment of Vodacom to the deed of adherence of the shareholders\u2019 agreement as was reported to us by Vodafone Egypt confirms Vodafone Groups\u2019 commitment to the strategic partnership with Telecom Egypt and the Egyptian market,<\/em>\u201d Hamed added.<\/p>\n","protected":false},"excerpt":{"rendered":"Telecom Egypt announced that the South African group Vodacom has made an initial offer to acquire\u00a0Vodafone Group’s stake in\u00a0Vodafone Egypt.\u00a0<\/p>\n","protected":false},"author":4,"featured_media":320077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,21],"tags":[],"class_list":["post-323835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-news"],"yoast_head":"\n
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