By Adria Calatayud
Vodafone Group PLC said Monday that it remains in discussions to finalize a potential sale of its 55% stake in Vodafone Egypt to Saudi Telecom Co.
The U.K. telecommunications group said it is now looking to Saudi Telecom and Telecom Egypt SAE to find a suitable agreement to enable the transaction to close.
Due diligence with respect to the potential sale has been substantively completed, Vodafone said.
Vodafone in January said that it had agreed to sell its 55% stake in its Egypt unit to Saudi Telecom for $2.39 billion.
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