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Johannesburg - UK cellular phone group Vodafone on Thursday night confirmed that it has made a non-binding proposal to acquire an additional 15% stake in local cellular services
provider Vodacom from Telkom (TKG).
The offer is for a cash consideration of R22.5bn less
the attributable net debt of Vodacom at the date of signing subject to, inter alia, the listing and unbundling of Telkom's remaining stake of 35% in Vodacom to Telkom shareholders, Vodafone said.
"The proposed transaction would result in Vodafone owning 65% of an attractive asset with strong market positions in South Africa, Democratic Republic of Congo, Lesotho, Mozambique and Tanzania," Vodafone said.
The execution of the proposed transaction remains subject to a number of conditions, including the successful negotiation and agreement of final transaction documents.
Telkom said its board and its major shareholder the South African government supported the proposed deal. It said more details would be released in due course.
- I-Net Bridge