(Adds context,)
LONDON, Dec 21 (Reuters) - Vodafone said on Monday
it had ended talks with the Saudi Telecom Company on
the $2.4 billion sale of its 55% shareholding in Vodafone Egypt
after a series of missed deadlines to complete the
deal.
STC, the kingdom's biggest telecom operator, had struck a
preliminary deal in January with the London-listed telecoms
company to buy the stake as it sought growth in the Arab world's
most populous nation.
Vodafone had said in September that it remained in talks to
finalise the deal in the near future despite the expiry of an
initial memorandum of understanding.
STC cited coronavirus-driven logistical challenges to seek
extension twices to the initial agreement, first in April and
then in July.
With 44 million subscribers and a 40% market share, Vodafone
Egypt is the country's biggest mobile operator.
"We believe that the Egyptian government is committed to an
optimal framework for the telecoms sector, which will enable
Vodafone Egypt to deliver on the country's vision of
digitisation and financial inclusion and create a technology hub
to support our growth in the African region," Vodafone Group CEO
Nick Read said in a statement.
Vodafone had said in January that selling the stake was in
line with efforts to streamline its operations to focus on
Europe and sub-Saharan Africa.
(Reporting by Keith Weir; editing by Jason Neely and Louise
Heavens)