Vodafone to pay ZAR 22.5 billion for acquiring 15% stake in Vodacom

South Africa-based landline service provider Telkom has decided to sell a 15% holding in Vodacom to Vodafone and list the remaining stake in the mobile operator on the Johannesburg stock exchange. Vodafone is willing to pay $2.4 billion to buy a 15% stake. This deal would increase Vodafone's stake in Vodacom to 65%. Vodacom presently operates in Democratic Republic of Congo, South Africa, Mozambique Lesotho and Tanzania. However, Telkom would first need to hive off its 35% holding in Vodacom to current Telkom stakeholders and list the firm on the stock exchange. This deal has secured the approval of the government of South Africa, which is the biggest stakeholder in Telkom with 38.9% stake.