The Public Investment Corporation is gearing up to buy part or all of the government's R30.5-billion stake in cellphone network operator Vodacom, according to sources. The PIC, which manages government workers' pension funds and already owns 3.19% of Vodacom, is hiring advisers for a deal that could make it Vodacom's second-biggest shareholder after the UK's Vodafone, said one source.The government's 13.9% stake is worth R30.5-billion at Vodacom's current share price.The government wants to sell various state-owned assets to help plug a R225-billion funding shortfall at power utility Eskom and has undertaken to raise R20-billion this year and R3-billion next year.The country faces the risk of more credit-rating downgrades and power cuts for at least two years because of the problems at Eskom.The PIC is Africa's biggest money manager. Its investments account for 13% of the market capitalisation of the JSE.Vodacom, with 61.1million customers in five African countries, favours a direct, off-market sale of the government's stake because that would avert a "share overhang": a release of shares onto the market that would depress the share price, said another source.Vodacom's shares traded 0.5% weaker at R147.53 yesterday afternoon as news of the likely deal spread. The stock has gained 15% this year, outpacing the 8.7% of rival MTN, Africa's biggest network operator.The Treasury and Vodacom refused to comment.Vodacom is 65% owned by Vodafone and has operations in Lesotho, Tanzania, Democratic Republic of Congo and Mozambique...