Following the March announcement that it was to embark on one of the biggest broad-based BEE deals in South Africa, Vodacom today announced details of the transaction whereby BEE partners will effectively acquire 6,25% of the group, valued at R7,5-billion.
In an announcment on SENS this morning, the company said the deal would be structured as follows: Vodacom SA will be owned by Vodacom Group (93.75%), YeboYethu (3.44%), Thebe (0.84%) and Royal Bafokeng (1.97%). YeboYethu is owned by the Black Public (55%) and ESOP (45%).
"The following BEE groupings will participate in the BEE Transaction and acquire an indirect/direct interest in Vodacom SA through the following entities:
* Black people (as defined in the Codes), black controlled groups and Vodacom SA`s black business partners (collectively the "Black Public") will participate indirectly through YeboYethu.
* Royal Bafokeng Holdings and Thebe Investment Corporation will participate through wholly-owned subsidiaries directly in Vodacom SA.
* All Vodacom South African staff will participate through the YeboYethu Employee Participation Trust (ESOP), which will hold a direct interest in YeboYethu.
(collectively the "BEE Participants")
The full statement can be found via www.moneyweb.co.za where the SENS site can be accessed in the information bar on its banner.