Vodacom closes acquisition of 55% stake in Vodafone Egypt

British multinational telecommunications company Vodacom Group has closed the acquisition of 55 percent stake in Vodafone Egypt by 59.7 billion Egyptian Pounds, according to telecompaper’s statement on Monday.

Last Thursday, the deal has finished as an over-the-counter transaction on the Egyptian Stock Exchange (EGX), the statement said.

The Financial Regulatory Authority (FRA) said last month that the offer submitted by Vodacom Group Limited, to buy minority shares from shareholders of Vodafone Egypt was still being studied.

FRA further revealed that the offer made was on a total of 124,608 shares, or 0.05 percent of the shares of the capital of Vodafone Egypt and the estimated cash price is EUR 17.92 per share.

Vodafone had been expected to close the deal before the end of March, but the transaction stretched on as the two sides waited for approvals from Egyptian regulators.