Johannesburg-listed Vodacom Group has completed its acquisition of a controlling 55% stake in Vodafone Egypt from parent Vodafone Group.
The transaction has cleared all outstanding regulatory and procedural hurdles, Vodacom said in a statement on Tuesday.
Vodacom announced its intention to acquire the Vodafone Egypt stake in November 2021 for R48.1-billion. This has new been settled through the issuance of 242 million new Vodacom shares plus cash of R10.8-billion.
As a result of the deal, Vodafone’s shareholding in Vodacom has increased from 60.5% to 65.1%.
“In addition to being an attractive asset on a standalone basis, we will seek to leverage our financial services product road map, including our super-app approach, to accelerate Vodafone Egypt’s financial services opportunity,” said Vodacom Group CEO Shameel Joosub in a statement.
Read: Vodacom outlines fintech plan for Egypt acquisition
“We also see upside from cross-pollination between Vodafone Egypt’s software factory and our big data capabilities and closer cooperation between both companies by scaling pan-African enterprise and internet of things solutions.”
Vodacom said it intends to provide an update on its medium-term growth outlook when it publishes its next quarterly trading update, expected on 31 January 2023. – © 2022 NewsCentral Media