Vodafone agreed on Monday to buy Vodafone International Services (VIS) platform, a subsidiary of Vodafone Egypt unit, for 1 billion Egyptian pounds ($60.6 million).
Vodafone Egypt holds 55 percent of VIS platform, while 45 percent stake belongs to state-run Telecom Egypt.
The acquisition will see the British group paying Vodafone Egypt and Telecom Egypt 550 million pounds and 450 million pounds, respectively, sources with direct knowledge of the deal told Amwal Al Ghad.
Established in 2002, VIS is one of the largest off-shoring and outsourcing service providers in the region. With more than 4,500 employees who come together empowered by a vibrant and diverse mix of skills and languages, representing a multilingual workforce that caters to 27 international markets.
