Close

Vodacom Gets Shareholders’ Approval to Acquire Vodafone Egypt

Vodacom hopes to close the transaction by 31 March, which is also its financial year-end.

Vodacom Group says it has received shareholders’ approval to acquire Vodafone’s 55 per cent stake in Vodafone Egypt.

Subject to the final outstanding regulatory approvals, Vodacom will fund the acquisition of Vodafone Group’s 55 per cent stake in Vodafone Egypt by issuing 42 million new ordinary shares at $8.76per share, in addition to around$548 million in cash.

Vodacom Group CEO Shameel Joosub described the approval as “an exciting and important milestone for Vodacom”.

“This is a transaction that presents significant diversification and growth opportunities for our shareholders. With over 80% of Egypt’s 100 million population unbanked, Vodacom sees enormous potential to leverage our financial services platforms, global partnerships and best practices in a significant market.”

In 2021, Vodafone Group said it was transferring its 55 per cent majority holding in Vodafone Egypt to its sub-Saharan Africa-focused unit Vodacom Group.

Vodafone Egypt holds a 43 per cent revenue market share and has 43 million consumer and enterprise customers.

Vodacom to Acquire  55% Shareholding in Eqypt’s Vodafone


 

Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.

Leave a comment
scroll to top