South Africa based Vodacom Group has said it will buy more local shares into Vodacom Tanzania to 82.2% from its current 65% for about $250 million.
The cash will give it an additional 17.2% stake in the company after buying 49% of Cavalry Holdings, a firm which owns 35% of Vodacom Tanzania. The $250 million will be in form of cash and existing debt facilities.
Launched in the country in 1999, Vodacom Tanzania has over 10 million customers and says Tanzania is its best investment in sub-Saharan Africa. Vodacom also has a operations in Nigeria, Mozambique, Lesotho and the Democratic Republic of Congo.