Saudi Telecom Company (STC) is set to buy a majority stake in Vodafone's Egyptian arm for $2.39bn (£1.84bn) after the two firms signed an initial agreement yesterday. STC, which is mainly owned by Saudi Arabia's sovereign wealth fund, and Vodafone said the two firms expect to complete the deal by the end of June 2020, should regulators approve. The Saudi company will gain access to the Vodafone brand, preferential roaming arrangements and Vodafone's central procurement function, the two companies said in a statement. STC also operates in Kuwait, Bahrain and Malaysia. Nick Read, chief of Vodafone, said: "I am deeply proud of our business in Egypt, being the clear number one leader in the market. Under STC, I believe they will continue to flourish."

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