Vodacom Group has acquired a 55% interest in Vodafone Egypt Telecommunications from Vodafone Europe and Vodafone International Holdings, both indirect wholly-owned subsidiaries of Vodafone Group.
The acquisition was first proposed in January 2022, and all suspensive conditions have now been fulfilled and/or waived, so it has become unconditional, and successfully implemented by way of transfer of the sale shares.
The offer consideration was settled through the issuing of 241 976 243 new Vodacom Group shares and cash proceeds of €577-million (about R10 806-million).
As a result, Vodafone’s shareholding in Vodacom Group has increased from 60,5% to 65,1%.
Vodacom Group expects to consolidate Vodafone Egypt over the remainder of the financial year.