Vodacom Group, a number one pan-African know-how firm, has accomplished the acquisition of a 55% stake in Vodafone Egypt.
The deal, value roughly $2.738 billion, was introduced in November and has now cleared all regulatory and procedural hurdles. Because of the acquisition, Vodafone’s shareholding in Vodacom elevated from 60.5% to 65.1%.
Vodacom Group CEO Shameel Joosub described the acquisition as a “distinctive alternative” to advance the corporate’s strategic connectivity and monetary service ambitions. Vodafone Egypt is a market chief within the fast-growing Info and Communications Expertise market, with sturdy interim outcomes that confirmed native forex service income development of 18.6%.
Joosub added that Vodacom will search to leverage its monetary providers product roadmap, together with its “super-app” method, to speed up Vodafone Egypt’s monetary providers alternatives.
The corporate additionally sees potential for cross-pollination between Vodafone Egypt’s software program manufacturing facility and its large knowledge capabilities, in addition to the potential for scaling pan-African enterprise and Web of Issues options by nearer cooperation between the 2 corporations.
Vodacom says it can present an replace on its medium-term development outlook with its subsequent quarterly buying and selling replace, set to be revealed on January 31, 2023.
