Photo by: Bloomberg
JSE-listed Vodacom on Tuesday said the conditions of its acquisition of a further 17.2% indirect stake in Vodacom Tanzania from Cavalry Holdings had been fulfilled.
The transaction, which brought the telecommunications giant’s total interest in Vodacom Tanzania to 82.2%, was now unconditional and closed on Tuesday.
The deal comprised the subscription of new shares in Cavalry, which reduced its existing shareholders’ interest in the company from 100% to 51%; however, they would retain an indirect 17.8% interest in Vodacom Tanzania.
Vodacom previously said it would pay out R2.5-billion in cash, funded through available cash resources and existing debt facilities, for the shares.