Vodacom Group, a leading pan-African technology company, has completed the acquisition of a 55% stake in Vodafone Egypt.
The deal, worth roughly $2.738 billion, was announced in November and has now cleared all regulatory and procedural hurdles. As a result of the acquisition, Vodafone's shareholding in Vodacom increased from 60.5% to 65.1%.
Vodacom Group CEO Shameel Joosub described the acquisition as a "unique opportunity" to advance the company's strategic connectivity and financial service ambitions. Vodafone Egypt is a market leader in the fast-growing Information and Communications Technology market, with strong interim results that showed local currency service revenue growth of 18.6%.
Joosub added that Vodacom will seek to leverage its financial services product roadmap, including its "super-app" approach, to accelerate Vodafone Egypt's financial services opportunities.
The company also sees potential for cross-pollination between Vodafone Egypt's software factory and its big data capabilities, as well as the possibility of scaling pan-African enterprise and Internet of Things solutions through closer cooperation between the two companies.
Vodacom says it will provide an update on its medium-term growth outlook with its next quarterly trading update, set to be published on January 31, 2023.