Vodafone sells stake in Vodacom for ZAR14.85m
Vodafone has sold 90m shares in Vodacom at ZAR165 per share, raising gross proceeds of ZAR14.85bn, or around €962m.
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Following the completion of the placing, Vodafone will own 1.1bn shares in Vodacom, representing around 64.5% of the subsidiary's ordinary share capital. Vodafone has agreed not to sell, distribute or otherwise dispose of any ordinary shares in Vodacom that are not sold in the placing for a period of 90 days after completion of the placing, subject to consent by bookrunners.
Back in May, Vodafone agreed to transfer part of its indirect holding in Safaricom to its subsidiary Vodacom. The company bought a 35% indirect interest in Safaricom for 226.8m new ordinary Vodacom shares in a deal worth €2.4bn. The transaction increased Vofafone's ownership in Vodacom from 65% to 70%.
At 0850 BST, Vodafone shares were down 0.5% to 215.20p.