LONDON, UK: Vodafone Group has accomplished the switch of its 55% shareholding in Vodafone Egypt to Vodacom Group Limited, its African subsidiary.
This switch simplifies the administration of Vodafone’s African assets. Vodacom gains publicity to a different main enterprise in an attractive market, diversifying its portfolio and accelerating its growth profile. Vodafone Egypt will profit from nearer co-operation with Vodacom, enabling it to speed up growth in monetary services and the Internet of Things.
Vodafone has been issued with 242 million shares in Vodacom and received money proceeds of €577 million in exchange for its 55% shareholding in Vodafone Egypt.
Margherita Della Valle, Vodafone Group Chief Executive designate said: “With the completion of the switch of Vodafone Group Plc’s shareholding in Vodafone Egypt to Vodacom Group Limited, we’re simplifying Vodafone Group’s construction and supporting Vodacom and Vodafone Egypt for future growth.”
Following completion, Vodafone’s shareholding in Vodacom has elevated from 60.5% to 65.1%.