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South Africa: Vodacom’s $565 million bid for Neotel approved

By  |  June 15, 2015

Vodacom’s $564 million offer to buy Internet provider Neotel Pty Ltd. has been approved by South Africa’s communications regulator subject to two conditions.

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    The Independent Communications Authority of South Africa, which has been deliberating the proposal for about a year, will allow the Johannesburg-based company to proceed with the deal, the regulator’s Chairman Stephen Mncube said by phone on Monday. The takeover will be subject to compliance with a local ownership law and adherance to terms regarding the rollout of broadband infrastructure and services, he said.

    “We are pleased to receive approval for the transaction,” Vodacom said in an e-mailed statement. “We will work with ICASA to finalise the conditions of the approval.”

    Full content: Bloomberg

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