UK-based Vodafone and Telecom Egypt have entered into a strategic partnership with the aim of increasing co-operation and jointly developing a range of products and services for the Egyptian market.
Ian Gray, CEO of Vodafone Egypt, said the company now had a "strong strategic partnership between its two major shareholders", and that the agreement places "Vodafone Egypt on a firm footing to capture future growth in the Egyptian telecommunications market".
Paul Donovan, CEO of Vodafone's Eastern Europe, Middle East, Asia Pacific and affiliates region, said that the partnership "further strengthens the working relationship both companies have as Vodafone Egypt shareholders".
"The purchase of additional equity in Vodafone Egypt shows Vodafone's commitment to the Egyptian market, which is further reinforced by our partnership with Telecom Egypt to develop and expand products and services."
Vodafone will issue a tender offer that, if fully accepted, will take Vodafone's shareholding in its Egyptian subsidiary to 55%, with 45% held by Telecom Egypt. Subject to regulatory approvals, the tender offer is expected to be launched next week.
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