CAIRO, Jan. 29 (Xinhua) -- British telecoms group Vodafone on Wednesday agreed to sell its majority stake in its Egyptian unit to Saudi Telecom Company (STC), according to a statement published by Vodafone group in Egypt.
"British telecoms group Vodafone signed a memorandum of understanding to sell the 55-percent holding in Vodafone Egypt to the STC for 2.4 billion U.S. dollars," the statement said.
The two sides are intended, upon concluding the deal, to enter a long-term partnership in the Egyptian market including using the Vodafone trade brand, special roaming agreements, benefiting of the prices and the sales deals of the world group, it added.
British telecoms group Vodafone and STC are expected to finalize the deal by end of June 2020.