Vodacom Raises Stake in Tanzanian Subsidiary
South Africa based Vodacom has raised its stake in Vodacom Tanzania from 65% to 82.2% for a payment of ZAR2.5 billion (US$250 million).
It's making the purchase of the additional 17.2% stake indirectly via the purchase of a 49% in another company, Cavalry Holdings that owns 35% of the Tanzanian mobile network operator.
Vodacom Tanzania has been in existence since 1999 and now has just over 10 million customers. The country's mobile penetration rate is only 57 percent.
The transaction is expected to close before the end of the financial year‚ subject to the fulfilment of conditions.