15th of November 2021
Sharkawy & Sarhan advises Vodafone Group Plc on inking the agreement for the transfer of 55% of the shares in Vodafone Egypt to Vodacom Group Limited
Sharkawy & Sarhan is delighted to congratulate its client Vodafone Group Plc on inking the agreement for the transfer of 55% of the shares in Vodafone Egypt to Vodacom Group Limited (“Vodacom”), its sub-Saharan African subsidiary listed on the Johannesburg Stock Exchange (JSE). This mammoth deal combines South Africa’s largest mobile operator with Egypt’s telecom market leader.
According to press releases, the transaction values Vodafone’s 55% shareholding in Vodafone Egypt at €2,722 million on a debt-free, cash-free basis. Approximately 80% of the Purchase Consideration (€1,892 million) will be settled by the issue of 242 million new ordinary Vodacom shares to Vodafone listed on the JSE at an issue price of ZAR 135.75 per share. As a result, Vodafone’s ownership in Vodacom will increase from 60.5% to 65.1%. The remaining 20% of the Purchase Consideration (€473 million) will be settled in cash.
Completion of the transaction is subject to a number of additional conditions, including but not limited to approval from the Financial Surveillance Department of the South African Reserve Bank and approval from the National Telecom Regulatory Authority of Egypt. Vodacom has committed to Vodafone that they will sign a deed of adherence to the shareholders’ agreement with Telecom Egypt. The transaction is expected to close before 31 March 2022 and will constitute one of the biggest acquisitions in the Egyptian market to date by deal value.
Sharkawy & Sarhan’s team led by partner Mohamed Nabil Hazzaa, had the privilege and pleasure of advising Vodafone Group on all Egyptian law aspects of the transaction.
Mohamed commented: “We are very excited to have reached this milestone thanks to the relentless work and commitment of all teams on this ground-breaking transaction and we look forward to its successful closing over the next few months. This year has been very active in the telecoms and technology sectors. We are extremely privileged to have been at the forefront of a number of deals that have contributed to shaping the Egyptian market in these sectors. Our role on this complex landmark transaction further cements and promotes the steady growth and expansion of our M&A and capital markets practice”.
Press Coverage:
- From Cape to Cairo | Enterprise
- Vodafone agrees to transfer its 55% interest in Vodafone Egypt to Vodacom
- Vodafone sells Egypt stake to South Africa affiliate ‘Vodacom’ for €2.72bn pending regulatory approval – Daily News Egypt
- Vodafone accepts Vodacom’s offer to acquire its 55% stake in Egypt – Markets & Companies – Business – Ahram Online
- « الدريني » و« سرحان » مستشاران قانونيان فى صفقة نقل ملكية فودافون مصر إلى «فوداكوم» – جريدة المال (almalnews.com)
According to press releases, the transaction values Vodafone’s 55% shareholding in Vodafone Egypt at €2,722 million on a debt-free, cash-free basis. Approximately 80% of the Purchase Consideration (€1,892 million) will be settled by the issue of 242 million new ordinary Vodacom shares to Vodafone listed on the JSE at an issue price of ZAR 135.75 per share. As a result, Vodafone’s ownership in Vodacom will increase from 60.5% to 65.1%. The remaining 20% of the Purchase Consideration (€473 million) will be settled in cash.
Completion of the transaction is subject to a number of additional conditions, including but not limited to approval from the Financial Surveillance Department of the South African Reserve Bank and approval from the National Telecom Regulatory Authority of Egypt. Vodacom has committed to Vodafone that they will sign a deed of adherence to the shareholders’ agreement with Telecom Egypt. The transaction is expected to close before 31 March 2022 and will constitute one of the biggest acquisitions in the Egyptian market to date by deal value.
Sharkawy & Sarhan’s team led by partner Mohamed Nabil Hazzaa, had the privilege and pleasure of advising Vodafone Group on all Egyptian law aspects of the transaction.
Mohamed commented: “We are very excited to have reached this milestone thanks to the relentless work and commitment of all teams on this ground-breaking transaction and we look forward to its successful closing over the next few months. This year has been very active in the telecoms and technology sectors. We are extremely privileged to have been at the forefront of a number of deals that have contributed to shaping the Egyptian market in these sectors. Our role on this complex landmark transaction further cements and promotes the steady growth and expansion of our M&A and capital markets practice”.
Press Coverage:
- From Cape to Cairo | Enterprise
- Vodafone agrees to transfer its 55% interest in Vodafone Egypt to Vodacom
- Vodafone sells Egypt stake to South Africa affiliate ‘Vodacom’ for €2.72bn pending regulatory approval – Daily News Egypt
- Vodafone accepts Vodacom’s offer to acquire its 55% stake in Egypt – Markets & Companies – Business – Ahram Online
- « الدريني » و« سرحان » مستشاران قانونيان فى صفقة نقل ملكية فودافون مصر إلى «فوداكوم» – جريدة المال (almalnews.com)
Sharkawy & Sarhan advises Vodafone Group Plc on inking the agreement for the transfer of 55% of the shares in Vodafone Egypt to Vodacom Group Limited
15th of November 2021
Sharkawy & Sarhan is delighted to congratulate its client Vodafone Group Plc on inking the agreement for the transfer of 55% of the shares in Vodafone Egypt to Vodacom Group Limited (“Vodacom”), its sub-Saharan African subsidiary listed on the Johannesburg Stock Exchange (JSE). This mammoth deal combines South Africa’s largest mobile operator with Egypt’s telecom market leader.
According to press releases, the transaction values Vodafone’s 55% shareholding in Vodafone Egypt at €2,722 million on a debt-free, cash-free basis. Approximately 80% of the Purchase Consideration (€1,892 million) will be settled by the issue of 242 million new ordinary Vodacom shares to Vodafone listed on the JSE at an issue price of ZAR 135.75 per share. As a result, Vodafone’s ownership in Vodacom will increase from 60.5% to 65.1%. The remaining 20% of the Purchase Consideration (€473 million) will be settled in cash.
Completion of the transaction is subject to a number of additional conditions, including but not limited to approval from the Financial Surveillance Department of the South African Reserve Bank and approval from the National Telecom Regulatory Authority of Egypt. Vodacom has committed to Vodafone that they will sign a deed of adherence to the shareholders’ agreement with Telecom Egypt. The transaction is expected to close before 31 March 2022 and will constitute one of the biggest acquisitions in the Egyptian market to date by deal value.
Sharkawy & Sarhan’s team led by partner Mohamed Nabil Hazzaa, had the privilege and pleasure of advising Vodafone Group on all Egyptian law aspects of the transaction.
Mohamed commented: “We are very excited to have reached this milestone thanks to the relentless work and commitment of all teams on this ground-breaking transaction and we look forward to its successful closing over the next few months. This year has been very active in the telecoms and technology sectors. We are extremely privileged to have been at the forefront of a number of deals that have contributed to shaping the Egyptian market in these sectors. Our role on this complex landmark transaction further cements and promotes the steady growth and expansion of our M&A and capital markets practice”.
Press Coverage:
- From Cape to Cairo | Enterprise
- Vodafone agrees to transfer its 55% interest in Vodafone Egypt to Vodacom
- Vodafone sells Egypt stake to South Africa affiliate ‘Vodacom’ for €2.72bn pending regulatory approval – Daily News Egypt
- Vodafone accepts Vodacom’s offer to acquire its 55% stake in Egypt – Markets & Companies – Business – Ahram Online
- « الدريني » و« سرحان » مستشاران قانونيان فى صفقة نقل ملكية فودافون مصر إلى «فوداكوم» – جريدة المال (almalnews.com)
According to press releases, the transaction values Vodafone’s 55% shareholding in Vodafone Egypt at €2,722 million on a debt-free, cash-free basis. Approximately 80% of the Purchase Consideration (€1,892 million) will be settled by the issue of 242 million new ordinary Vodacom shares to Vodafone listed on the JSE at an issue price of ZAR 135.75 per share. As a result, Vodafone’s ownership in Vodacom will increase from 60.5% to 65.1%. The remaining 20% of the Purchase Consideration (€473 million) will be settled in cash.
Completion of the transaction is subject to a number of additional conditions, including but not limited to approval from the Financial Surveillance Department of the South African Reserve Bank and approval from the National Telecom Regulatory Authority of Egypt. Vodacom has committed to Vodafone that they will sign a deed of adherence to the shareholders’ agreement with Telecom Egypt. The transaction is expected to close before 31 March 2022 and will constitute one of the biggest acquisitions in the Egyptian market to date by deal value.
Sharkawy & Sarhan’s team led by partner Mohamed Nabil Hazzaa, had the privilege and pleasure of advising Vodafone Group on all Egyptian law aspects of the transaction.
Mohamed commented: “We are very excited to have reached this milestone thanks to the relentless work and commitment of all teams on this ground-breaking transaction and we look forward to its successful closing over the next few months. This year has been very active in the telecoms and technology sectors. We are extremely privileged to have been at the forefront of a number of deals that have contributed to shaping the Egyptian market in these sectors. Our role on this complex landmark transaction further cements and promotes the steady growth and expansion of our M&A and capital markets practice”.
Press Coverage:
- From Cape to Cairo | Enterprise
- Vodafone agrees to transfer its 55% interest in Vodafone Egypt to Vodacom
- Vodafone sells Egypt stake to South Africa affiliate ‘Vodacom’ for €2.72bn pending regulatory approval – Daily News Egypt
- Vodafone accepts Vodacom’s offer to acquire its 55% stake in Egypt – Markets & Companies – Business – Ahram Online
- « الدريني » و« سرحان » مستشاران قانونيان فى صفقة نقل ملكية فودافون مصر إلى «فوداكوم» – جريدة المال (almalnews.com)
