Vodacom Increases Stake in Tanzanian Subsidiary
Published on: 30th Apr 2014
Note -- this news article is more than a year old.
South Africa's Vodacom has announced that it has increased its holding in its Tanzanian subsidiary from 65% to 82.2%.
The company announced last November that it had signed a deal with Cavalry Holdings and its shareholders to buy their 17.2% stake in Vodacom Tanzania, but it has taken until now to complete the necessary conditions.
At the time it said it was paying ZAR2.5 billion (USD250 million) for the stake.
It made the purchase of the additional 17.2% stake indirectly via the purchase of a 49% in another company, Cavalry Holdings that owns 35% of the Tanzanian mobile network operator.
Vodacom Tanzania has been in existence since 1999 and now has just over 10 million customers. The country's mobile penetration rate is only 57 percent.