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Johannesburg - UK mobile operator Vodafone has increased its stake in South African cellular operator Vodacom to 65%, after it agreed to acquire an additional 15% stake in Vodacom from Telkom for a cash consideration of R22.5bn, less the pro rata
consolidated attributable net debt of Vodacom Group of approximately R1.55bn.
In addition Vodacom Group will be listed on the Johannesburg Stock Exchange and the remaining 35% of Vodacom Group will be demerged by Telkom to its shareholders.
The acquisition is subject to approval by 75% of Telkom's shareholders and is interconditional upon Vodacom Group being listed on the JSE and Telkom demerging the remaining 35% of Vodacom Group to Telkom's shareholders.
Telkom's two largest shareholders - the South African government and the Public Investment Corporation, owning a combined 58% - have irrevocably committed to vote in favour of the transaction and will become significant shareholders in Vodacom Group following the completion of the transaction.
The government of South Africa has agreed that it will retain a minimum shareholding of 10% in Vodacom Group for a period of 12 months after the listing on the JSE.
- I-Net Bridge