"South Africa Minister Appeals Block of $730 Million Vodacom Deal"

" South Africa Minister Appeals Block of $730 Million Vodacom Deal \r\n \u00a0South Africa\u2019s minister of trade, industry, and competition is appealing an order by the nation\u2019s Competition Tribunal that blocked Vodacom Group Ltd.\u2019s 13.2 billion-rand ($730 million) deal to buy a stake in Remgro Ltd.\u2019s fiber businesses. \r\n Parks Tau, whose ministry also oversees the competition regulators in the country, is seeking to overturn the decision and allow the merger to proceed, according to the appeal document seen by Bloomberg News. \r\n This rare move by the newly appointed minister is a blow to South Africa\u2019s antitrust regulators, who blocked the acquisition in a shock decision in October. The parties involved in the deal have argued that significant investment is needed in South Africa, especially for digital infrastructure in lower-income areas. \r\n \u201cThe South African government backing for Vodacom\u2019s acquisition of a stake in fiber operator Maziv, could add to pressure on the Competition Appeals Court to approve the deal,\u201d Bloomberg Intelligence analyst John Davies said. \u201cStill, a final decision may be many months away and deal terms are being renegotiated, which is reasonable, given it was announced three years ago.\u201d \r\n A large number of parties have been called to respond to the appeal, including Vodacom\u2019s biggest cross-town rival MTN Group Ltd. The industry is largely supportive of the deal, as there is an agreement that consolidation is needed for future growth prospects. \r\n As part of Vodacom\u2019s deal, the plan is to invest in fiber rollout in low-income areas, spending 10 billion rand and providing 10,000 jobs, the company said previously. \r\n \u201cWe support the appeal as consolidation is needed in South Africa to support accelerated investment in digital infrastructure and services,\u201d MTN CEO Ralph Mupita said in response to questions. \u201cSouth Africa is lagging this important global trend at a time technology is accelerating and transforming societies.\u201d "

"South Africa Minister Appeals Block of $730 Million Vodacom Deal"

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