{"id":542832,"date":"2022-01-19T02:44:06","date_gmt":"2022-01-19T02:44:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/19\/vodacom-shareholders-approve-vodafone-egypt-acquisition\/"},"modified":"2022-01-19T02:44:06","modified_gmt":"2022-01-19T02:44:06","slug":"vodacom-shareholders-approve-vodafone-egypt-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/19\/vodacom-shareholders-approve-vodafone-egypt-acquisition\/","title":{"rendered":"Vodacom shareholders approve Vodafone Egypt acquisition"},"content":{"rendered":"

<\/a> Vodafone Plc took a step closer to offloading its majority stake in <\/strong>Vodafone <\/strong>Egypt to its South African subsidiary yesterday<\/strong> after receiving shareholder backing. A majority of shareholders in Vodacom approved the acquisition of the 55% stake in Vodafone Egypt during a general meeting, the Johannesburg-listed company announced in a disclosure (pdf)<\/a>.<\/p>\n

The transaction:<\/strong> Vodafone Plc \u2014 which currently owns a 60.5% stake in Vodacom \u2014 last year agreed<\/a> to sell its holdings in its Egypt unit for EUR 2.34 bn in a stock and cash transaction. The South African company will pay 20% in cash and the other 80% by issuing new shares, which will increase Vodafone\u2019s stake in Vodacom to 65.1%.<\/p>\n

There are still some boxes to tick:<\/strong> Vodacom still needs the blessing of the Egypt\u2019s National Telecom Regulatory Authority before the shares can be transferred \u2014 and the Financial Regulatory Authority here will need to give it an exemption from the legal requirement to make a mandatory tender offer for the Vodafone Egypt shares it is not buying, it said in the disclosure. The company also needs to jump through regulatory hoops in South Africa, including approval from the Financial Surveillance Department of the South African Reserve Bank and listing on the Johannesburg Stock Exchange of the new shares it is issuing Vodafone Plc<\/p>\n

Don\u2019t expect Telecom Egypt to get in the way: <\/strong>The EGX-listed telecoms giant still holds a 45% stake in Vodafone Egypt and contractually has a right of first refusal, which would allow it to make a counter-offer. However, the company doesn\u2019t plan to invoke this right, Investor Relations head Sarah Shabayek told Enterprise in November<\/a>.<\/p>\n

Expect movement this quarter:<\/strong> Vodafone Group expects the transaction to close before 31 March.<\/p>\n

IN OTHER M&A-<\/strong><\/p>\n

Reliance Logistics<\/a><\/strong> has acquired an undisclosed stake in investment firm <\/strong>Catalyst<\/a><\/strong>Partners<\/a><\/strong>, as the logistics firm eyes expansion into financing, digital transformation and entrepreneurship, according to a statement (pdf)<\/a>. No details were provided on the value or mechanism of the transaction. Catalyst Partners\u2019 board will undergo changes to reflect the new ownership structure, according to Chairman Maged Shawky.<\/p>\n

ADIB to offload National Co. for Glass and Crystal: <\/strong>Abu Dhabi Islamic Bank and its subsidiaries will sell their entire combined 88.3% stake in the National Company for Glass and Crystal, according to an EGX disclosure (pdf)<\/a>. The bank is currently in the process of wrapping up regulatory procedures.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vodafone Plc took a step closer to offloading its majority stake in Vodafone Egypt to its South African subsidiary yesterday after receiving shareholder backing. A majority of shareholders in Vodacom approved the acquisition of the 55% stake in Vodafone Egypt during a general meeting, the Johannesburg-listed company announced in a disclosure (pdf). The transaction: Vodafone […]<\/p>\n","protected":false},"author":1,"featured_media":542833,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[469,466,214,72,7128,468,295,212,467,142,465],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-abu-dhabi-islamic-bank","tag-catalyst-partners","tag-cit","tag-enterpriseam","tag-ma-watch","tag-national-company-for-glass-and-crystal","tag-south-africa","tag-telecom-egypt","tag-vodacom","tag-vodafone-egypt","tag-vodafone-group","wpautop","entry"],"acf":{"mongo_id":"b47597a0-70d6-4847-8152-a200afcf370b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/228.jpg","photo_position":"above","related_issue":[542826],"teaser":"","voice_url":""},"yoast_head":"\nVodacom shareholders approve Vodafone Egypt acquisition - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/19\/vodacom-shareholders-approve-vodafone-egypt-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vodacom shareholders approve Vodafone Egypt acquisition\" \/>\n<meta property=\"og:description\" content=\"Vodafone Plc took a step closer to offloading its majority stake in Vodafone Egypt to its South African subsidiary yesterday after receiving shareholder backing. 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The company reportedly acquired Vodafone\u2019s 132 mn shares in Vodafone Egypt in a block trade transaction on the EGX\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/182.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578055,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/vodacom-is-officially-vodafone-egypts-majority-shareholder\/","url_meta":{"origin":542832,"position":1},"title":"Vodacom is officially Vodafone Egypt\u2019s majority shareholder","author":"enterpriseam admin","date":"14 December 2022","format":false,"excerpt":"South Africa\u2019s Vodacom now owns the lion\u2019s share of Vodafone Egypt: Vodafone Group has transferred its 55% stake in its Egyptian unit to its South African subsidiary Vodacom in a EUR 2.37 bn cash and stock transaction, it said in a statement yesterday. The British company received 242 mn shares\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/288.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555330,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/from-cape-to-cairo\/","url_meta":{"origin":542832,"position":2},"title":"From Cape to Cairo","author":"enterpriseam admin","date":"10 November 2021","format":false,"excerpt":"Vodafone\u2019s South African subsidiary is making a play for Vodafone Egypt: Vodacom has made an initial offer to acquire Vodafone Group\u2019s majority stake in Vodafone Egypt, minority shareholder Telecom Egypt said in a statement in the early hours of this morning.The current shareholder structure: Vodafone Egypt is currently 55% owned\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/391.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577240,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/","url_meta":{"origin":542832,"position":3},"title":"Vodacom wants to launch its superapp with Alibaba in Egypt","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Vodacom is already making plans for Egypt: Vodafone\u2019s South African subsidiary plans to launch financial services products in Egypt through its Vodapay superapp that it is developing with Chinese tech giant Alibaba Group, its CEO, Shameel Joosub, told Bloomberg yesterday. The company hopes to soon enter Egypt with the EUR\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/235.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577220,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/14\/turkish-industrial-giant-eyes-egypts-auto-sector\/","url_meta":{"origin":542832,"position":4},"title":"Turkish industrial giant eyes Egypt\u2019s auto sector","author":"enterpriseam admin","date":"14 November 2022","format":false,"excerpt":"M&A Watch: The Financial Regulatory Authority is examining a voluntary tender offer by Vodacom to acquire 0.05% of Vodafone Egypt for EUR 17.92 a share, it said in a statement (pdf) yesterday. The transaction would see the South African subsidiary acquire 124,600 shares in Vodafone Egypt for almost EUR 2.5\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555368,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/give-me-the-green-light\/","url_meta":{"origin":542832,"position":5},"title":"Give me the green light","author":"enterpriseam admin","date":"11 November 2021","format":false,"excerpt":"Vodafone Group has agreed to transfer its 55% stake in Vodafone Egypt to Vodacom, its sub-Saharan African subsidiary, in a EUR 2.72 bn transaction, according to a company statement. The move will \u201csimplify\u201d the management of its African holdings, according to the UK-based parent company. The South Africa-based telecommunications company\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/411.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542832"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542832\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542826"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542833"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542832"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542832"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}