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Update on the acquisition of a 30% interest in Maziv (Vumatel and Dark Fibre Africa)
Vodacom Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/005461/06)
Share code VOD ISIN ZAE000132577
ADR code VDMCY ISIN US9258D2009
("Vodacom Group")
UPDATE ON THE ACQUISITION OF A 30% INTEREST IN MAZIV (VUMATEL AND DARK
FIBRE AFRICA) THROUGH A CASH INVESTMENT AND CONTRIBUTION OF CERTAIN
VODACOM GROUP ASSETS INTO MAZIV
Shareholders are referred to the announcements released on SENS on 10 November 2021,
15 May 2023 and 8 August 2023, setting out details of Vodacom Group's proposed acquisition
of a co-controlling interest in all of the material assets owned by Community Investment
Ventures Holdings (Pty) Limited ("CIVH"), including Vumatel (Pty) Limited and Dark Fibre
Africa (Pty) Limited (the "transaction"). On completion of the transaction, Vodacom Group will
hold a 30% equity interest in a newly formed entity ("InfraCo" renamed Maziv Proprietary
Limited ("Maziv") that will house these assets, as well as certain fibre assets which Vodacom
Group will contribute into Maziv. Vodacom Group also has an option to acquire an additional
10% stake in Maziv to increase its shareholding in Maziv to 40% (the "option").
The transaction remains subject to the approval of the South African competition authorities.
Conditional approval has also been granted by the Independent Communications Authority of
South Africa.
As indicated in the announcement dated 8 August 2023, the Competition Commission
recommended to the Competition Tribunal to prohibit the transaction. The transaction, which
was classified by Vodacom Group as a Category 2 transaction in terms of the JSE Listings
Requirements, is scheduled to be heard by the Competition Tribunal mid-2024 and the
subsequent ruling will be provided within a period to be determined by the Competition
Tribunal.
Consequently, shareholders are advised that the transacting parties have agreed to extend
the longstop date of the transaction to 29 November 2024. Further to this, the option is
exercisable by Vodacom Group within 6 weeks of fulfilment of the last Conditions Precedent.
No amendments have been made to the mechanism to determine the valuation of Maziv as
contained in the SENS announcement dated 15 May 2023.
Shareholders are also referred to the Remgro announcement published on SENS today.
Midrand
28 November 2023
Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 28-11-2023 03:30:00
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