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BRIEF-Vodafone transfers a 35 pct stake in Safaricom to Vodacom
May 15, 2017 / 6:09 AM / 6 months ago

BRIEF-Vodafone transfers a 35 pct stake in Safaricom to Vodacom

May 15 (Reuters) - Vodafone Group Plc

* Transfers a 35 pct interest in safaricom to vodacom in exchange for new ordinary shares in vodacom

* Vodacom has agreed to issue 226.8 million new ordinary vodacom shares to vodafone

* Values effective 35% indirect interest in safaricom at eur 2,361 million

* Transaction, which has a value of eur 2,361 million based on vodacom’s closing share price on friday 12 may 2017, will increase vodafone’s ownership in vodacom from 65% to 70%

* Streamlines and simplifies management of its sub-saharan african holdings

* Will continue to report its direct and indirect holdings in safaricom under equity method

* Not expected to have a material impact on vodafone group’s free cash flow or its earnings Source text for Eikon: Further company coverage: (Reporting By London Bureau)

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