Qatar's sovereign wealth fund-owned Ooredoo Q.P.S.C. (DSM:ORDS) is on the verge of closing a long-awaited deal to purchase a 25% - 30% equity stake in Vodafone Egypt Telecommunications S.A.E., media sources reported. The seller is state-owned Telecom Egypt Company (CASE:ETEL), which owns a 45% minority stake in Vodafone Egypt. The deal has been in the making since February, with the two sides at loggerheads over the size of the stake to
be sold. The Qatari side wanted to buy the entire 45% equity of Vodafone Egypt owned by Telecom Egypt, but the Egyptian government refused to let go of more than 25% - 30%. The deal is likely to close before the end of June,
according to a source who spoke to Al Mal newspaper requesting anonymity. The newspaper's sources say that if Ooredoo is able to acquire Telecom Egypt's full stake in Vodafone Egypt, it plans to enter into talks to purchase the remaining 55% of the company from Vodacom Group Limited (JSE:VOD), the South African subsidiary of Vodafone Group. Vodacom acquired the majority stake from its parent company last year.