Vodafone Group has completed the transfer of its 55 percent stake in Vodafone Egypt to Vodacom Group, its African subsidiary.

This transfer simplifies the management of Vodafone’s African assets. Vodacom gains exposure to another leading business in an attractive market, diversifying its portfolio and accelerating its growth profile. Vodafone Egypt will benefit from closer co-operation with Vodacom, enabling it to accelerate growth in financial services and the Internet of Things.

Vodafone has received 242 million shares in Vodacom and received cash of €577 million in exchange for its 55 percent stake in Vodafone Egypt. Following completion, Vodafone’s stake in Vodacom has increased from 60.5 percent to 65.1 percent.

Margherita Della Valle, Vodafone Chief Executive designate said: “With the completion of the transfer of Vodafone Group’s shareholding in Vodafone Egypt to Vodacom Group, we are simplifying Vodafone Group’s structure and supporting Vodacom and Vodafone Egypt for future growth.”