Vox Telecom's acquisition of Storm Telecom has been finalised, with effect from 1 December 2007.
In addition, Mvelephanda Group will take up vendor shares as part of the acquisition and have nominated Tshakalisa Matiwaza to the Vox Telecom board as of yesterday (30 January).
As a result of the Storm acquisition, about 42% of Vox Telecom will be held by BEE shareholders.
They are the Lereko Metier Capital Growth Fund with 23,6%, Mvelaphanda Group Limited with 12,42%, Regiments Capital with 4,24% and Thembeka Capital with 1,61%.
This makes Vox Telecom the largest black-owned telecommunications company operating in South Africa.