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.
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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