VODPF Vodafone Group Plc (PK)

   By Ian Walker 
 

Vodacom Group Ltd. (VOD.JO) said Tuesday its planned acquisition of fixed-line business assets from Neotel (Pty) Ltd., has lapsed because of regulatory complexities.

On May 18, 2014 Vodacom, a unit of Vodafone Group PLC (VOD.LN), agreed to buy Neotel in a deal that valued Neotel at 7 billion South African Rand ($0.45 million). The deal was subject to a number of regulatory approvals. However, the company announced last November that the two parties were in talks to revise the terms of the deal.

It said at the time that the outcome of revised talks could affect the extent of the approval being sought from the competition tribunal, and the companies therefore requested that the hearing be postponed.

Vodacom said Tuesday its South Africa unit will continue to invest in the development of its own high-speed communication infrastructure to stimulate greater competition in the fixed telecommunications sector and support both its business services offerings and its consumer business.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

March 01, 2016 04:03 ET (09:03 GMT)

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