A stake in Vodacom is back up for sale, following the collapse of a deal in May that was aimed at increasing black ownership of the phone carrier. The Vodacom stock being sold by the Public Investment Corporation (PIC) is valued at about R6bn, according to people familiar with the negotiations, who asked not to be identified because the discussions are private. That equates to about 2.6% of Vodacom. The PIC is in talks with a number of black investors, according to CEO Dan Matjila, who declined to discuss the details. No favourite had emerged and no deal structure had been decided, Matjila said. One of the groups included Vodacom chairman Peter Moyo, one of the people familiar with the talks said. The PIC is Africa’s largest money manager with R1.86-trillion in investments, most of that overseeing South African government workers’ pensions. Vodacom is 18.7% owned by black investors, compared with 39% for MTN Group. A 30% black-ownership minimum was a condition in a broadband spectru...
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