The company will have acquired 55% of Vodafone Egypt in a block trade transaction on the EGX last week for an estimated EGP 59.7 billion ($2.4 billion), amounting to 132 million shares
Vodafone Group’s South African subsidiary, Vodacom has seemingly closed the acquisition of its parent company’s stakes in Vodafone Egypt, Al Mal reported on Thursday.
The company will have acquired 55% of Vodafone Egypt in a block trade transaction on the EGX last week for an estimated EGP 59.7 billion ($2.4 billion), amounting to 132 million shares.
Vodafone group’s shareholders approved plans to sell the company’s stake in Vodafone Egypt to Vodacom in January, with expectations for the acquisition to be completed by end of March 2022. Vodafone owns a 60.5% stake in Vodacom.
The Financial Regulatory Authority and the National Telecommunications Regulatory Authority have not issued any official statement yet on the deal.
South African media quoted Vodacom Group Chief Executive Chamel Josup as saying the company received regulatory approvals to go ahead with the acquisition in November.
The Qatar Investment Authority (QIA) is among three Arab sovereign funds reported to be in talks with Telecom Egypt for a 20% stake acquisition in Vodafone Egypt, expected to be completed by the end of the year.
In October, Bloomberg revealed that QIA was in advanced stages of negotiations to acquire around $2.5 billion worth of state-held stakes in Vodafone Egypt.
Telecom Egypt, listed on the Egyptian Stock Exchange, owns 45% of Vodafone Egypt, while the state owns 80% of Telecom Egypt's shares.
