Vodafone Looks To Africa

Global mobile operator Vodafone has confirmed that it has made a non-binding offer to acquire a further 15% stake of South African mobile market leader Vodacom. Vodafone currently owns 50% of Vodacom, with the other half held by Telkom, South Africa's leading fixed-line operator. If the deal goes ahead under the current conditions, Vodafone will pay ZAR22.5bn (US$2.51bn), minus the value of Vodacom's net debt at the time of purchase, to increase its interest in the company to a 65% controlling stake. The deal also depends on the remainder of Telkom's share being offloaded to Telkom's shareholders.

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