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Spectrum off the cards for Vodacom Neotel deal

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Neotel Office Building
It was revealed that Vodacom will acquire the majority of Neotel’s assets related to its fixed line business; however, it will exclude Neotel’s licenses relating to Spectrum (ECN, ECNS).

In a statement to share holders, Vodacom revealed that an agreement has been made in regards to the Vodacom/Neotel merger.

According to the statement, it was revealed that Vodacom will acquire the majority of Neotel’s assets related to its fixed line business; however, it will exclude Neotel’s licenses relating to Spectrum (ECN, ECNS).

The shareholder statement also revealed that: “Contemporaneously, Neotel will offer a roaming arrangement to all the mobile network operators including Vodacom South Africa (collectively “the Restructured Transaction).”

The statement further revealed that Vodacom South Africa and Neotel have submitted to the Competition Tribunal the signed transaction documentation in respect of the Restructured Transaction. The Competition Tribunal will consider the Restructured Transaction at a pre-hearing set down for the 10th December 2015. Shareholders will be advised accordingly of the outcome.

As Spectrum is off the cards, this will bring a sigh of relief by Vodacom’s competitors. This is due to the fact that Vodacom will not be allowed to use Neotel’s Spectrum for a two year period.

Neotel had also made the headlines regarding its CEO. According to a media statement, issued by Neotel, the company revealed that its CEO Sunil Joshi has resigned from his position within the company. The full story can be found here.

Darryl Linington

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