Vodacom Group is planning to purchase a majority stake in Vodafone Egypt Telecommunications from the parent company Vodafone Group PLC for $2.74 billion.
The company announced:
"The proposed acquisition presents a unique opportunity to advance Vodacom Group's strategic connectivity and financial services ambitions in Africa by acquiring a controlling interest in Vodafone Egypt, one of Africa's premier telecom operators,"
With this deal, Vodafone Group won't be the direct owner of Vodafone Egypt, which is the largest mobile network operator in the country.
The South Africa-based telecommunications company announced that this sale is intended to ''settle 80% of the price by the issue of new shares, with the $548 million balance settled in cash'', the MarketWatch reported.
The remaining 45% will be owned by Telecom Egypt.
