Alan Knott-Craig, Vodacom Group CEO, said today: "Until Vodacom were invited by EWN (Econet Wireless Nigeria) earlier this year to acquire equity in EWN, Vodacom had no intention of participating in the Nigerian cellular industry. We responded to the invitation by the EWN board by making an offer subject to a successful financial and legal due diligence. This offer was accepted by the EWN board and shareholders.
"Vodacom is currently engaged in the necessary financial and legal due diligence before the transaction can proceed. This due diligence work is not as yet complete. Should this due diligence reveal any financial or legal obstacle in pursuing the proposed transaction, then clearly such a transaction cannot take place.
"It is my information that the primary reason for EWN inviting Vodacom to make an offer and accepting such an offer was a need on their part to acquire more operational and marketing support, as well as financial support, to compete more effectively in the Nigerian market.
"To date, we are not and have not been involved in any legal action with any party whatsoever regarding this proposed transaction in Nigeria.
"In terms of the due diligences and the transaction, Vodacom is represented by Deloitte & Touche, Hofmeyr Herbstein Gihwala and JP Morgan."
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