Vodafone ties up Vodacom deal

7 Nov 2005

UK-based mobile group Vodafone has entered into exclusive negotiations to acquire an additional 15% stake in South Africa’s Vodacom Group. Vodafone will purchase the stake via a complicated deal involving the purchase and then selling on of VenFin Limited from the Rembrandt Trust. Vodafone will assume VenFin’s 15% stake in Vodacom and then sell all VenFin’s remaining assets and liabilities to a new company to be owned by existing VenFin shareholders. The 15% stake in Vodacom will eventually cost Vodafone around ZAR11 billion (USD1.6 billion) and increase its holding in Vodacom to 50%; the remainder is owned by South Africa’s national PTO Telkom.

South Africa, Vodacom South Africa, Vodafone Group