Vodacom earned R68 million in profit from its Maziv stake in the first four months after the deal closed. The company paid R12.642 billion for a 30 percent share in the fibre operator that combines Vumatel and Dark Fibre Africa.
Vodacom Group CEO Shameel Joosub said the transaction, together with the Safaricom acquisition, strengthens the company’s long-term growth profile. The purchase raised Vodacom’s fibre-to-the-home market share from 2.5 percent to 34.5 percent.
Auditors Ernst & Young reviewed the deal as a key audit matter and confirmed the valuation. Of the purchase price, R6.282 billion was recorded as goodwill.
The Competition Commission imposed conditions that limit Vodacom’s stake to 34.95 percent without further approval and remove its veto on expansion budgets. Maziv must also spend R12 billion over five years to pass one million homes in lower-income areas and supply free 1 Gbps connections to schools, libraries and clinics along new routes.
Vodacom expects to invest an additional R800 million to keep its 30 percent holding after Maziv’s purchase of the remaining shares in Herotel, which received final approval in May 2026. The group separately committed R60 billion to reach 90 percent 5G coverage by the end of the decade.