Vodacom shareholders vote in favour Vodafone Egypt bid

Vodacom Group’s bid for a controlling stake in Vodafone Egypt is set to proceed after the operator received shareholder backing today.

Vodacom Group says the proposed acquisition of a 55% stake in Vodafone Egypt cleared a crucial hurdle today, when minority shareholders overwhelmingly voted in favour of the transaction.

Given the related-party nature of the transaction, the mobile operator has ensured appropriate governance controls were put in place so the deal is executed and concluded on an arm’s length basis, says Vodacom.

As a result, Vodafone, which currently holds a 60.5% stake in Vodacom Group, was precluded from voting on the approval of the transaction at the general meeting.