Deals
Vodacom to Buy Egypt Unit From Parent in $2.7 Billion Deal
- South African carrier to take 55% stake from U.K.’s Vodafone
- Move will help Vodacom expand financial services in Africa
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Vodacom Group Ltd. agreed to buy a majority stake in Vodafone Egypt from its U.K. parent for $2.7 billion, expanding the South African carrier’s operations into the north of the continent.
The Johannesburg-based company, which is more than 60% owned by Vodafone Group Plc, will issue new shares to cover 80% of the cost of acquiring the Egyptian market leader, with the balance to be paid in cash, according to a statement on Wednesday.