By Jaime Llinares Taboada

 

Vodacom Group Ltd. said Wednesday it has agreed to buy a 55% stake in Vodafone Egypt Telecommunications SAE for $2.74 billion.

The South Africa-based telecommunications company said it intends to settle 80% of the price by the issue of new shares, with the $548 million balance settled in cash.

Vodafone Egypt, which is owned by Vodafone Group PLC, is the country's largest mobile network operator, Vodacom said. It said it expects the deal to accelerate its medium-term operating profit growth potential into double digits.

"The proposed acquisition presents a unique opportunity to advance Vodacom Group's strategic connectivity and financial services ambitions in Africa by acquiring a controlling interest in Vodafone Egypt, one of Africa's premier telecom operators," the company said.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

November 10, 2021 01:40 ET (06:40 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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