[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Marco Olevano, CFA [@MarcoOlevano](/creator/twitter/MarcoOlevano) on x 8528 followers Created: 2025-07-18 14:06:50 UTC #VODACOM #REMGRO #MAZIV Vodacom (VOD) and Remgro (REM) have updated the terms for Vodacom's acquisition of a XX% stake in Maziv. Key points of the revised deal: Reduced Price: Vodacom will now pay ZAR12.2 billion for the XX% stake, ZAR1 billion less than the initial ZAR13.2 billion, despite Maziv doubling its "homes passed" since November 2021. This revised price is considered more appropriate at a lower forward EBITDA multiple of 10-11x. Herotel Inclusion: Maziv's acquisition of a XX% stake in Herotel adds an extra ZAR0.6 billion to Vodacom's cost for their XX% share, bringing the total transaction price to ZAR12.8 billion. Funding Structure: XX% (ZAR4.9bn) will be funded by Vodacom's existing fibre assets, with the remaining ZAR7.9 billion paid in cash. Strategic Benefits for Vodacom: 🔴The deal is expected to provide Maziv with a capital injection to optimize its overleveraged balance sheet (reducing net debt-to-EBITDA from 4.4x to an estimated 3.0x post-transaction). 🔴It unlocks potential growth for Vodacom, particularly in the underpenetrated lower-income market in South Africa. 🔴The transaction is expected to be marginally earnings accretive from the first year. 🔴Vodacom's net debt-to-EBITDA ratio is estimated to increase slightly from 0.94x to 1.08x. Valuation Nuance: The differing equity valuations quoted by Remgro (ZAR36.0bn) and Vodacom (ZAR31.8bn) are due to a ZAR4 billion dividend that Maziv will declare to existing shareholders before Vodacom officially joins the structure. Regulatory Outlook: The Competition Commission no longer opposes the transaction, making deal approval likely when the Competition Appeal Court hears the case on July 22, 2025. Remgro will host a call on Monday (July 21, 2025) at X am SAST, and Vodacom will discuss the deal during its Q1 FY26 results call on Wednesday (July 23, 2025) at X pm SAST.  XXX engagements  **Related Topics** [homes](/topic/homes) [acquisition](/topic/acquisition) [$remjo](/topic/$remjo) [$vodaf](/topic/$vodaf) [Post Link](https://x.com/MarcoOlevano/status/1946210054929018897)
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Marco Olevano, CFA @MarcoOlevano on x 8528 followers
Created: 2025-07-18 14:06:50 UTC
#VODACOM #REMGRO #MAZIV Vodacom (VOD) and Remgro (REM) have updated the terms for Vodacom's acquisition of a XX% stake in Maziv.
Key points of the revised deal:
Reduced Price: Vodacom will now pay ZAR12.2 billion for the XX% stake, ZAR1 billion less than the initial ZAR13.2 billion, despite Maziv doubling its "homes passed" since November 2021. This revised price is considered more appropriate at a lower forward EBITDA multiple of 10-11x.
Herotel Inclusion: Maziv's acquisition of a XX% stake in Herotel adds an extra ZAR0.6 billion to Vodacom's cost for their XX% share, bringing the total transaction price to ZAR12.8 billion.
Funding Structure: XX% (ZAR4.9bn) will be funded by Vodacom's existing fibre assets, with the remaining ZAR7.9 billion paid in cash.
Strategic Benefits for Vodacom: 🔴The deal is expected to provide Maziv with a capital injection to optimize its overleveraged balance sheet (reducing net debt-to-EBITDA from 4.4x to an estimated 3.0x post-transaction). 🔴It unlocks potential growth for Vodacom, particularly in the underpenetrated lower-income market in South Africa. 🔴The transaction is expected to be marginally earnings accretive from the first year. 🔴Vodacom's net debt-to-EBITDA ratio is estimated to increase slightly from 0.94x to 1.08x.
Valuation Nuance: The differing equity valuations quoted by Remgro (ZAR36.0bn) and Vodacom (ZAR31.8bn) are due to a ZAR4 billion dividend that Maziv will declare to existing shareholders before Vodacom officially joins the structure.
Regulatory Outlook: The Competition Commission no longer opposes the transaction, making deal approval likely when the Competition Appeal Court hears the case on July 22, 2025.
Remgro will host a call on Monday (July 21, 2025) at X am SAST, and Vodacom will discuss the deal during its Q1 FY26 results call on Wednesday (July 23, 2025) at X pm SAST.
XXX engagements
Related Topics homes acquisition $remjo $vodaf