Vodacom Group bags 26 percent stake in Vodacom Tanzania

The deal was approved by shareholders.

Vodacom Tanzania shareholders on Wednesday approved the sale of a 26 percent stake owned by Mirambo Holdings during an extraordinary annual general meeting to South Africa's Vodacom Group, according to Reuters.

This deal will result in Vodacom Group increasing its total interest in Vodacom Tanzania from 61.6 percent to 75 percent.

The deal was subject to regulatory and shareholder approval.

“What we did today is just part of the required approval for the deal and this does not mean the deal is done, there are other authorities that need to approve it too, Ali Mufuruki, Vodacom Tanzania's chairman is quoted by Reuters.

The company said recently that Vodacom Group had entered into an agreement with Mirambo, and certain of Mirambo's shareholders, under the terms of which Vodacom Group will acquire all of Mirambo's 588 million shares in Vodacom Tanzania.

Mirambo Holdings is the investment vehicle of Tanzanian business tycoon Rostam Aziz.