Vodafone Global Enterprise for telecommunications and information technology services has purchased Vodafone Egypt for International Services (VIS) in a deal worth EGP 1 billion.
The move falls within the framework of Vodafone International Enterprise's decision to expand its directs investments in the outsourcing field in the Egyptian market.
The acquisition deal was signed by Vodafone Egypt Executive President Alexander Froman and Vodafone Global Enterprise Deputy Chief Executive Vivek Badrinath in the presence of Communications Minister Amr Talaat.
In a statement following the signing ceremony, Talaat said that Vodafone company is a major partner in developing the communications and information technology sector, adding that expanding the company's investments in Egypt represents conclusive proof of Cairo's success in creating an investment-friendly climate.
Meanwhile, Badrinath said that the international group's decision to buy VIS reflects the company's confidence in the Egyptian economy and the investment climate in the country.