By 
South Africa’s Vodacom Group has announced that it has agreed terms with Vodafone to acquire its controlling stake in Vodafone Egypt for R41 billion or (US$2.738 billion).
The acquisition will see Vodacom get a 55% stake in Vodafone Egypt in a deal that is subject to regulatory and shareholder approvals.
Commenting on the proposed transaction, Shameel Joosub, Chief Executive Officer of Vodacom Group, said, “Acquiring a majority stake in Vodafone Egypt would cement Vodacom Group’s position as Africa’s leading techco by advancing our strategic connectivity and financial services ambitions while increasing our total population coverage on the continent to over half a billion people and more than 40% of Africa’s GDP.
An established brand, Vodafone Egypt is one of Africa’s premier telecom operators and the largest mobile network operator in Egypt with 43% revenue market share.
The company offers a range of integrated telecommunications services including voice, data and mobile money services to 43 million consumer and enterprise customers.
Egypt’s appeal as an investment destination is supported by its economic growth outlook, large, young and growing population and structural reform agenda.
Vodafone Egypt holds a strong network leadership position and is the country’s largest mobile wallet provider through Vodafone Cash. According to the national telecom regulatory authority, Vodafone Cash had almost 90% of mobile wallet transactions as at August 2021.
Comments