{"id":38088,"date":"2021-11-15T03:17:28","date_gmt":"2021-11-15T03:17:28","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=38088"},"modified":"2021-11-15T03:17:29","modified_gmt":"2021-11-15T03:17:29","slug":"vodacom-moves-to-secure-controlling-stake-in-vodafone","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/vodacom-moves-to-secure-controlling-stake-in-vodafone\/","title":{"rendered":"Vodacom moves to secure controlling stake in Vodafone"},"content":{"rendered":"<p>Vodacom, South African Group, is to acquire 55 percent stake in Vodafone of Egypt for $2.73 billion.<\/p>\n\n\n\n<p>The move is part of the telecom\u2019s pan-Africa expansion initiative.<\/p>\n\n\n\n<p>The shares are currently held by UK\u2019s Vodafone Group Plc.<\/p>\n\n\n\n<p>This comes barely six months after Vodacom, through the Global Partnership for Ethiopia \u2014 a consortium led by Kenya\u2019s Safaricom \u2014 acquired a licence to start operations in the horn of Africa next year<\/p>\n\n\n\n<p>Vodacom Group will fund its acquisition in Vodafone Egypt by issuing 242 million new ordinary shares priced at 135.75 South African Rands ($8.88) per share and $548 million in cash. This values the proposed transaction at about $2.73 billion.<\/p>\n\n\n\n<p>\u201cAcquiring a majority stake in Vodafone Egypt would cement Vodacom Group\u2019s position as Africa\u2019s leading techco by advancing our strategic connectivity and financial services ambitions while increasing our total population coverage on the continent to over half a billion people and more than 40 percent of Africa\u2019s gross domestic Product (GDP),\u201d Vodacom\u2019s Chief Executive Shameel Joosub said in a statement.<\/p>\n\n\n\n<p>Vodacom, which also acquired 35 percent stake in Kenya\u2019s Safaricom from Vodafone Group in 2017, currently has operations in South Africa, Tanzania, Lesotho, Democratic Republic of Congo and Mozambique.<\/p>\n\n\n\n<p>UK\u2019s Vodafone Group Plc owns 60.5 percent shareholding in Vodacom as at March 2021.<\/p>\n\n\n\n<p>\u201cVodafone Egypt is ideally positioned to capture growth in a burgeoning ICT market, which means the proposed acquisition provides our shareholders with an exciting revenue and profitability diversification opportunity and the potential to accelerate the group\u2019s medium-term operating profit growth potential into double digits,\u201d said Mr Joosub.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.theeastafrican.co.ke\/tea\/business\/vodacom-buys-majority-stake-in-vodafone-egypt-3617728\">More=EastAfrican=<\/a><\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-38088\" data-postid=\"38088\" class=\"themify_builder_content themify_builder_content-38088 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>Vodacom, South African Group, is to acquire 55 percent stake in Vodafone of Egypt for $2.73 billion. The move is part of the telecom\u2019s pan-Africa expansion initiative. The shares are currently held by UK\u2019s Vodafone Group Plc. This comes barely six months after Vodacom, through the Global Partnership for Ethiopia \u2014 a consortium led by [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":38089,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241,461],"tags":[1087],"class_list":["post-38088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-technology-ict","tag-vodacom","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vodacom moves to secure controlling stake in Vodafone - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/vodacom-moves-to-secure-controlling-stake-in-vodafone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vodacom moves to secure controlling stake in Vodafone - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Vodacom, South African Group, is to acquire 55 percent stake in Vodafone of Egypt for $2.73 billion. The move is part of the telecom\u2019s pan-Africa expansion initiative. The shares are currently held by UK\u2019s Vodafone Group Plc. 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