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Vodacom takes majority share in Vodafone Egypt

Shameel Joosub Vodacom.jpg

Vodacom has taken a 55% majority stake in Vodacom Egypt; the company has announced.

Vodafone says the transfer will simplify the management of its African assets while giving Vodacom the exposure to lead the business in an attractive market and accelerating its growth profile.

Margherita Della Valle, Vodafone Group chief executive designate said: “With the completion of the transfer of Vodafone Group Plc’s shareholding in Vodafone Egypt to Vodacom Group Limited, we are simplifying Vodafone Group’s structure and supporting Vodacom and Vodafone Egypt for future growth.”

The deal was announced last year and was unanimously approved by a committee of Vodacom’s independent non-executive directors.

Vodafone did not vote on the deal and the transaction was approved by the minority shareholders shortly after the deal was agreed.

The operator adds that Vodafone Egypt will benefit from closer co-operation with Vodacom, allowing it to accelerate its growth in financial services and IoT.

“This is an important milestone for Vodacom Group as it will cement our position as a leading pan-African Technology company in addition to diversifying and accelerating our growth profile,” Vodacom Group CEO Shameel Joosub said.

“We are ideally positioned to partner with Vodafone Egypt to unlock the massive addressable market opportunity in Egypt, supporting and accelerating financial and digital inclusion.”