Vodacom nets Neotel
01 July 2015 - 09:59
Vodacom has been granted provisional approval by the Competition Commission to acquire Neotel for R7-billion. The deal has been approved on condition that Vodacom does not cut Neotel jobs and invests R10-billion in the company within five years.Vodacom is prohibited from accessing Neotel's frequency spectrum for two years, the regulator said yesterday.The acquisition proposal will now go before the Competition Tribunal for a final decision. Cellular network competitors MTN and Cell C had said they were against the purchase because it would make Vodacom too dominant.Vodacom, 65% owned by the English Vodafone Group, agreed to buy Neotel from Tata Communications, of India, in May last year...
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