DUBAI, Sept 13 (Reuters) - Saudi Arabia's largest telecoms
operator Saudi Telecom Co (STC) on Sunday said no
agreement has been reached to buy a 55% stake in Vodafone Egypt
, and that the parties have agreed to keep dialogue
In January, STC signed a non-binding agreement to buy the
stake for $2.4 billion, extending the offer in April and again
Originally expected to close in June, the deal would have
been STC's biggest in over a decade and valued Vodafone Egypt
STC ended the second extension "without reaching an
agreement to conclude the transaction due to misalignment with
relevant parties," it said in a stock exchange filing.
The non-binding agreement was reached before the coronavirus
crisis struck and STC cited logistical challenges caused by the
pandemic when it announced a 90-day extension in April.
With 44 million subscribers and a 40% market share, Vodafone
Egypt is the country's biggest mobile operator. STC is majority
owned by Saudi Arabia's sovereign wealth fund, the Public
Investment Fund (PIF).
(Reporting by Yousef Saba; Editing by Christopher Cushing and