Vodacom purchases 51% of StorTech (South Africa)
Vodacom proclaimed its posession of a shareholding in Storage Technologies Services. Vodacom said in a statement that it has purchased 51 percent of StorTech, approximately 31 percent will remain with StorTech’s BEE partners and approximately 18 percent with StorTech’s management. The firm’s CEO designate Pieter Uys said, “The launch of Vodacom Business in February this year signalled our intention to diversify Vodacom’s activities into the convergence space, and to invest in new avenues for growth”. Operator reveals that StorTech is already a supplier to Vodacom, and as a subsidiary, Stortech will give Vodacom access to additional technical and engineering skills and will release synergies. The transaction remains subject to certain closing conditions, including approval from the relevant competition authorities in South Africa, Vodacom said.
