LONDON: Vodafone, the world's biggest mobile phone group by revenue, has succeeded in its bid to take control of South Africa's biggest mobile phone
operator, Vodacom Group.
The British firm said in a statement on Thursday it had agreed to buy a further 15 percent stake for 22.5 billion rand ($2.28 billion) from fixed-line group Telkom to add to its existing 50 percent stake, as it pushes further into emerging economies.
Telkom and Vodafone had been in talks since June over the South African group which has strong market positions in South Africa, Democratic Republic of Congo, Lesotho, Mozambique and Tanzania. Telkom said earlier this month that its board and the South African government its 38 per cent shareholder backed the offer.
Vodacom Group will be listed on the Johannesburg Stock Exchange and the remaining 35 per cent of Vodacom Group will be demerged by Telkom to its shareholders.
6 months ago