LONDON, UK: Vodafone Group has completed the transfer of its 55% shareholding in Vodafone Egypt to Vodacom Group Limited, its African subsidiary.

This transfer simplifies the management of Vodafone’s African assets. Vodacom gains exposure to another leading business in an attractive market, diversifying its portfolio and accelerating its growth profile. Vodafone Egypt will benefit from closer co-operation with Vodacom, enabling it to accelerate growth in financial services and the Internet of Things.

Vodafone has been issued with 242 million shares in Vodacom and received cash proceeds of €577 million in exchange for its 55% shareholding in Vodafone Egypt.

Margherita Della Valle, Vodafone Group Chief Executive designate said: “With the completion of the transfer of Vodafone Group Plc’s shareholding in Vodafone Egypt to Vodacom Group Limited, we are simplifying Vodafone Group’s structure and supporting Vodacom and Vodafone Egypt for future growth.”

Following completion, Vodafone’s shareholding in Vodacom has increased from 60.5% to 65.1%.