South Africa's Vodacom Acquires 55% Stake In Vodafone Egypt With EFG Hermes Advisory

South Africa's telecom company Vodacom Group on Tuesday completed the acquisition of a 55% stake in Vodafone Egypt, a subsidiary of global telecom giant Vodafone Group, for a total amount of $613.7 million, with investment bank EFG Hermes acting as the financial advisor and corporate broker of the transaction.

Acquisition details

Vodacom, which is now 65.1% owned by British telecom company Vodafone after the transaction, announced an agreement to purchase 55% of Vodafone Egypt for an equity price of almost $2.74 billion in November last year, which has already been completed by the issuing of 241,976,243 additional Vodacom Group shares and a cash transaction of roughly $613.7 million.

State-run Telecom Egypt will continue to be the company's minority partner with a 45% stake.

"We will seek to leverage our financial services product roadmap, including our super-app approach, to accelerate Vodafone Egypt’s financial services opportunity," said Shameel Joosub, Vodacom Group CEO.