subscribe: Daily Newsletter

 

Vodafone looks to up Vodacom stake

0 comments

UK cellular giant Vodafone tonight confirmed it has proposed the acquisition of an additional 15% stake in South Africa's largest cellular operator, Vodacom for R22,5-billion.

In a statement, the UK group says: "Vodafone notes the announcement issued by Telkom SA Limited and confirms that it has made a non-binding proposal to acquire a 15% stake in Vodacom Group  for a cash consideration of R22,5-billion less the attributable net debt of Vodacom at the date of signing subject to, inter alia, the listing and unbundling of Telkom's remaining stake of 35% in Vodacom to Telkom shareholders (the "Proposed Transaction").
"The Proposed Transaction would result in Vodafone owning 65% of an attractive asset with strong market positions in South Africa, Democratic Republic of Congo, Lesotho, Mozambique and Tanzania.
"The execution of the Proposed Transaction remains subject to a number of conditions, including the successful negotiation and agreement of final transaction documents," Vodafone says.