JSE-listed telecommunications giant Vodacom on Friday secured the green light from 15.63% shareholder, the Public Investment Corporation (PIC), to acquire an indirect 34.94% interest in Safaricom.
State investment arm, the PIC, provided Vodacom with a letter of support for the proposed transaction, outlining plans to vote in favour of the transaction at the next general meeting convened by Vodacom.
Vodacom in May announced its intention to acquire a 35% stake in Kenya’s largest telecoms group, Safaricom, in a R35-billion deal expected to be concluded in August.
The acquisition remains subject to regulatory and shareholder approvals.