Vodafone Group PLC (EGX:VODE) has signed a Memorandum of Understanding (MoU) with Saudi Telecom, a move that will see former sell its 55% stake (amounting to $2.39 billion) to the latter.

Reuters reports that the MoU further enables Saudi Telecom to use the Vodafone brand, preferential roaming arrangements, access to Vodafone’s central procurement function, and a range of other services.

According to Vodafone, they will close the transaction by June 2020, with the agreement remaining valid for 75, subject to regulatory approval.

Additionally, Vodafone says it will use proceeds from the deal to reduce debt.

Vodafone Group is a multinational telecommunications company. It predominantly operates services in the regions of Asia, Africa, Europe, and Oceania. As of 2018, Vodafone owned and operated networks in 25 countries, and had partner networks in 47 other countries.

It has a primary listing on the London Stock Exchange and is also a constituent of the FTSE 100 Index.