Nigerian telco Globacom in Vodacom takeover bid?

Mergers, Acquisitions and Financial Results

South Africa's biggest mobile operator, Vodacom, could become a takeover target for Nigerian business tycoon Mike Adenuga (owner of Globacom), who has proposed a merger between Telkom's 50% stake in the mobile operator and Nigeria's Globacom. This would create an $18 billion company, Business Day reported last week.

The daily quoted local brokerage Mowana Investment saying it was handling the bid. The report states Globacom owner Mike Adenuga wants to create a R140 billion pan-African telecoms firm called "Vodaglo".

According to the report, the bid could disrupt plans by UK operator Vodafone, which holds a 50% stake in Vodacom, to gain control of the South African mobile operator by buying part of Telkom's stake.

One of the key players in Mowana Investment is the former chairman of the Parliamentary Portfolio Committee on Communications Nkenke Kekana, who was punted as one of the hopefuls in the R7.5 billion Vodacom BEE deal.

Others include Business Connexion CEO Benjamin Mophatlane; his brother, Isaac; former ICASA chairman Mandla Langa; and former communications department deputy director-general Joe Mjwara.

ITWeb