Vodacom Group is one step closer to acquiring a 55% stake in Vodafone Egypt from its UK parent Vodafone, following a general meeting held on Tuesday in which its minority shareholders voted in favour of the move. The Johannesburg-based company, one of South Africa’s leading cellular networks, is set to acquire the majority stake of the Egypt business for R41 billion. The company plans to issue 242 million new ordinary shares at R135.
The success of this deal will also benefit Vodacom’s UK-based parent company Vodafone which is on a mission to consolidate its African operations under Joosub’s leadership. Read: Vodacom to buy Egypt unit from parent in R40.
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