South Africa mobile telecoms company Vodacom announced that UK operator Vodafone has agreed to acquire an additional 15 per cent stake in Vodacom Group from Telkom for a cash consideration of ZAR22.5 billion (US$2.2 billion) less the pro rata consolidated attributable net debt of Vodacom Group of approximately ZAR1.55 billion.
Vodafone has waited three years to secure a majority stake in Vodacom
The transaction will increase Vodafone’s shareholding in Vodacom Group from 50 per cent to 65 per cent. Vodacom Group will be listed on the Johannesburg Stock Exchange (JSE) and the remaining 35 per cent of Vodacom Group will be demerged by Telkom to its shareholders.