PIC backs Vodacom-Safaricom deal

The Public Investment Corporation (PIC), Vodacom Group’s second-largest shareholder, has said it will vote in favour of the R34.6 billion takeover of Kenya’s Safaricom. The PIC holds a 15.63% interest in Vodacom Group.

The company said in a statement:

"In its letter of support, the PIC has undertaken to vote in favour of the resolutions required to implement the proposed transaction at the general meeting to be convened by Vodacom Group."

According to Reuters, UK-based Vodafone moved to consolidate two of its African interests in May with the sale of a 35-percent stake in Safaricom to Vodacom. This was in exchange for an increased stake in the South African company where it is already a majority owner.

Pictured: Safaricom CEO, Bob Collymore