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Vodafone Egypt in £3bn talks to sell its holding

VODAFONE could be poised to sell off a majority stake of its Egyptian business, as the telecoms giant is understood to have been approached by one of its rivals in the region.

The talks, which are still in the early stages, could see Telecom Egypt acquire more than 50 per cent of Vodafone Egypt valuing the deal at roughly £3bn.

Vodafone would not comment on the deal and a spokesperson from Vodafone said: “We have many discussions with joint venture partners.”

It is understood the discussions started roughly a month ago.

Telecom Egypt is the country’s largest land line operator and already owns 45 per cent of Vodafone Egypt.