Vodacom looking for African acquisitions

Vodacom looking for African acquisitions

Vodafone's South African unit, Vodacom, is reportedly in the market for acquisitions.

Reuters reports that Vodacom CEO, Shameel Joosub, confirmed in a conference call today that the company was looking for potential acquisitions in Africa.

"For us to sustain the growth of the group going forward we think we need to look at new opportunities as well," he told the newswire when asked about acquisitions.

Although Vodacom is market leader in South Africa, Tanzania and Lesotho, it lacks a substantial footprint in some key markets, including Nigeria, where rival MTN Group dominates.

The group had approximately 42.25 million customers at the end of September 2011 across South Africa, Tanzania, the DRC, Lesotho and Mozambique, according to TeleGeography.

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