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.
