ET halts Vodafone buyout

Egypt Telecom (ET) has called off negotiations with Vodafone over buying out its Egyptian operation, of which the later owns 55 percent.

Without providing details, ET said in a press release on Tuesday that talks have reached a deadlock and both parties had agreed to keep their partnership unchanged.

Orascom Telecom, for its part, had said it is willing to make a bid to buy out Vodafone as well, and sell its shares in MobiNil should it win the bid.

Experts say Vodafone Egypt is worth LE24 billion, as it is the most lucrative mobile phone company in the country and the second largest in terms of subscribers.

Translated from the Arabic Edition.

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