Vodacom Completes Acquisition Of Vodacom Tanzania
JSE-listed mobile phone operator, Vodacom, late on Tuesday said the $236.5 million deal to acquire an additional 17.2 percent stake in Vodacom Tanzania had been approved.
This means its interest in Vodacom Tanzania will be increased from 65 percent to 82.2 percent, making the South African operator a major shareholder in the firm.
The shareholding was previously owned by an investment holding firm, Calvary. Vodacom said the deal was now unconditional and was closed yesterday.
Vodacom Tanzania is the east African country's 14-year-old leading mobile phone business with 10 million mobile clients.
In view of the completion of this deal, Vodacom, South Africa's largest holder of cellular network subscribers, is now on its way to turning on its spotlight on one of its most important investments in sub-Saharan Africa.
East African-based Vodacom Tanzania has been its most prosperous investment outside it's home base of South Africa.
Tanzania is an appealing market for Vodacom, whose African expansion strategy has never been as successful and robust as its home peer, JSE-listed MTN, Africa's largest indigenous operator.