Ticker VOD

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As of 10:22 06 Jul 2020
Market cap. Pound sterling
35,241.70 million
As of 10:22 06 Jul 2020

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Vodafone to drop Egypt business and cut down on debt

vodafone storefront

Vodafone says its nearing a deal to sell its Egypt business to the Saudi Arabian Telecom Company. By selling its 55% stake in Vodafone Egypt, the FTSE 100 group will make a dent in its large debts.

Last May, it had €27.0bn of debt at the end of its financial year, down from €29.6bn a year earlier - and still aimed invest in 5G networks.

Huawei: Vodafone committed to using a range of telecom firms

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Vodafone UK says it "will now analyse the potential impact of today’s decision" about Huawei on the non-core elements of its network.

It says: "Vodafone UK uses a mix of Huawei, Ericsson and Nokia equipment for its 4G and 5G masts, and we continue to believe that the use of a wide range of equipment vendors is the best way to safeguard the delivery of services to all mobile customers."

What isn't clear, at this stage, is how the government's 35% cap on Huawei equipment being used in the UK's non-core telecoms network will be defined - will limited by geography or by operator, for example?

Vodafone says:"By working closely with the relevant authorities on any required substitution of equipment and it’s timing, we aim to keep any potential disruption to customers to a minimum."