Vodacom buys another 17.2% stake in Vodacom Tanzania
JSE-listed Vodacom on Tuesday acquired a further 17.2% indirect stake in Vodacom Tanzania from Cavalry Holdings, bringing the telecommunication giant’s total interest to 82.2%.
The deal comprised the subscription of new shares in Cavalry, which would dilute its existing shareholders’ interest in Cavalry from 100% to 51%, while Cavalry’s existing shareholders would retain an indirect 17.8% interest in Vodacom Tanzania.
Vodacom would pay out R2.5-billion for the shares, payable in cash at completion, funded through available cash resources and existing debt facilities.
The deal would allow Vodacom to increase its exposure to one of its key investments in sub-Saharan Africa.
“Vodacom Tanzania has been Vodacom’s most successful investment outside of South Africa to date,” the JSE-listed company said in a statement.
Vodacom Tanzania, which boasted ten-million mobile customers, reported a 19.1% rise in service revenue during the six months to September 30.
Tanzania is an attractive telecoms market with mobile penetration standing at only 57%.
The transaction was expected to close before the end of the financial year, subject to the fulfilment of a number of conditions precedent.
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