British telecoms group Vodafone on Wednesday said it had agreed to sell its majority stake in its Egyptian unit to Saudi Telecom Company for $2.4 billion (2.2 billion euros). "This transaction is consistent with our efforts to simplify the group to two differentiated, scaled geographic regions -- Europe and sub-Saharan Africa," Vodafone chief executive Nick Read said in a statement. He added that the cash sale for the 55-percent holding in Vodafone Egypt would additionally reduce group debt and unlock value for Vodafone shareholders. Vodafone's share price was up 0.4 percent at 157.28 pence following the announcement. bcp/rl