NAIROBI, Aug. 7 (Xinhua) -- Vodacom Group which operates in sub-Saharan Africa has finalized the acquisition of a 35 percent stake in Safaricom, Kenya's biggest telecom and most profitable company.
Vodacom said in a statement Monday that all regulatory approvals and conditions precedent in both Kenya and South Africa had been met.
"Vodacom is pleased to announce that the Safaricom transaction, which is the largest in our company's history, has now been finalized. This will provide both businesses with opportunities for growth, as well as enable Vodacom shareholders to access a strong performing business in East Africa in a high growth market," said the statement.
Shareholders at a meeting held on July 18 overwhelmingly approved the proposed acquisition by Vodacom of an indirect interest of 35 percent in Safaricom Limited and the issue of 233 million new ordinary shares in the company to Vodafone.
"The allotment and issue of 233 million new ordinary shares to Vodafone took effect Monday, as well as the listing of these shares on the Johannesburg Stock Exchange," said the statement, adding the deal is worth 2.7 billion U.S. dollars.
Vodacom said it expects the transformational transaction to enhance its position as a leading African mobile communications company, providing the group with the perfect opportunity to diversify our financial profile.
