Vodacom to Acquire 55% Stake in Vodafone Egypt for $2.74 Billion
November 10 2021 - 1:55AM
Dow Jones News
By Jaime Llinares Taboada
Vodacom Group Ltd. said Wednesday it has agreed to buy a 55%
stake in Vodafone Egypt Telecommunications SAE for $2.74
billion.
The South Africa-based telecommunications company said it
intends to settle 80% of the price by the issue of new shares, with
the $548 million balance settled in cash.
Vodafone Egypt, which is owned by Vodafone Group PLC, is the
country's largest mobile network operator, Vodacom said. It said it
expects the deal to accelerate its medium-term operating profit
growth potential into double digits.
"The proposed acquisition presents a unique opportunity to
advance Vodacom Group's strategic connectivity and financial
services ambitions in Africa by acquiring a controlling interest in
Vodafone Egypt, one of Africa's premier telecom operators," the
company said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
November 10, 2021 01:40 ET (06:40 GMT)
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