The fund, which sold 6 per cent of stc for $3.2bn in 2021, will keep a 62 per cent stake in the telecoms group after the offering
If the Saudi telecoms giant succeeds with a deal for United Group, it will further its expansion into Europe
The share offering is expected to be priced at a further discount of as much as 10 per cent to the trading price
The deal is subject to regulatory approvals and it is expected to be closed in the second half of 2024
The agreement aims to facilitate digital transformation and empower tourist destinations along the Red Sea coast
The telecoms operator amassed a EUR2.1bn ($2.23bn) stake, consisting of 4.9 per cent of Telefonica’s shares and financial instruments in September
Telefónica benefits from a portfolio of infrastructure assets and technology platforms, where it is developing capabilities in areas such as cognitive intelligence, edge computing and IoT