- Vodafone ( NASDAQ: VOD ) is reportedly exploring strategic options for its African business as it looks to extract more value from the $14B unit.
- Vodafone ( VOD ) now holds a 65% stake in South Africa-based Vodacom Group ( OTCPK:VODAF ), which offers communications service to more than 55M customers in over 32 African countries.
- Now it's working with advisers to consider options including a merger, divesting assets in some markets, or selling a stake, Bloomberg reported.
- There are no ongoing discussions about a potential sale, according to the report, as a Vodafone representative said Vodacom "is a strong business that is an important part of Vodafone."
- Meanwhile, top Vodafone shareholder Etisalat (the state-backed Emirates Telecommunications Group) has explored the prospect of buying Vodafone's stake in Vodacom, or merging its own African operations with Vodacom, Bloomberg noted.
- Vodafone stock ( VOD ) rose 2.4% at midday Wednesday; it's down nearly 33% over the past year. Vodacom Group was up 5.6% in U.S. pink-sheet trading Wednesday.
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Vodafone exploring options for $14B African unit - report