Vodafone Group Plc (LSE:VOD) said on December 21, 2020 it had ended talks with the Saudi Telecom Company (SASE:7010) (STC) on the $2.4 billion sale of its 55% shareholding in Vodafone Egypt Telecommunications S.A.E. after a series of missed deadlines to complete the deal. STC had struck a preliminary deal in January with the London-listed telecoms company to buy the stake as it sought growth in the Arab world's most populous nation. Vodafone had said in September 2020 that it remained in talks to finalise the deal in the near future despite the expiry of an initial memorandum of understanding.

STC cited coronavirus-driven logistical challenges to seek extension twices to the initial agreement, first in April 2020 and then in July 2020. “We believe that the Egyptian government is committed to an optimal framework for the telecoms sector, which will enable Vodafone Egypt to deliver on the country's vision of digitisation and financial inclusion and create a technology hub to support our growth in the African region,” Vodafone Group Chief Executive Officer Nick Read said in a statement.