British mobile telephone group Vodafone said on Thursday it is in exclusive negotiations to acquire a further 15% of South African operator Vodacom for up to R16-billion ($2,4-billion).
This would increase Vodafone’s shareholding in Vodacom to 50%.
The British group said an increased interest in Vodacom ”was consistent with Vodafone’s strategy of increasing its exposure to growth markets”.
It would give Vodafone increased exposure to South Africa, the Democratic Republic of Congo, Tanzania, Lesotho and Mozambique, Vodafone added in a statement to the London Stock Exchange.
Vodafone said it plans to buy all the shares of VenFin, owner of the Vodacom stake, for R47,25 each. Vodafone would then sell all VenFin’s assets other than the Vodacom stake it sought.
Vodafone said Vodacom had 17,2-million customers, including 14,3-million in South Africa, at the end of June. Vodacom’s customer growth, meanwhile, was 39% in the year to the end of June, while revenues rose by 20% in the 12 months to the end of March. — Sapa-AFP