At a Glance
- Vodacom to invest cash, fiber assets in Maziv to secure 30% strategic equity stake.
- Competition Commission exits after revised terms, clearing path to finalize the Maziv acquisition.
- Deal values Maziv up to $1.87 billion, deepening Remgro’s bet on South Africa’s digital future.
Remgro Limited, a Stellenbosch-based investment holding company owned by South Africa’s richest man, Johann Rupert and mobile giant Vodacom, are forging ahead with their long-awaited R12.2 billion ($671 million) acquisition of a 30 percent stake in Maziv Proprietary Limited, the broadband fiber firm behind Vumatel and Dark Fibre Africa, after clearing a key regulatory hurdle.
The move highlights the growing strategic importance of fiber connectivity in South Africa’s digital economy, as demand surges for high-speed internet in households, small businesses, and enterprise networks.
Competition Commission steps aside after conditions revised
South Africa’s Competition Commission has withdrawn its opposition to the deal after Vodacom and Maziv—wholly owned by Remgro’s Community Investment Ventures Holdings (CIVH)—agreed to an expanded set of remedies addressing earlier antitrust concerns.
The transaction, which signals accelerating consolidation in the country’s open-access fiber market, will now proceed unopposed to the Competition Appeal Court on July 22, 2025—clearing a path toward final regulatory approval.
As tracked by Shore Africa, Vodacom first announced the deal in 2021, but it stalled amid regulatory scrutiny over market dominance and fair access. The revised terms, agreed in July 2025, resolve those concerns and put the landmark transaction back on track for completion.
Revised terms put equity value at up to $1.87 billion
Per the new structure, Vodacom will inject R6.1 billion in cash and contribute fiber assets worth R4.9 billion, including its fiber-to-the-home (FTTH), fiber-to-the-business (FTTB), and business-to-business transmission access infrastructure.
Vodacom will also acquire additional shares from CIVH, spending an estimated R2.5 billion to reach the 30 percent ownership mark. The deal values Maziv at R29.8 billion ($1.64 billion) assuming a R4.2 billion pre-implementation dividend, or R34 billion ($1.87 billion) without it.
Herotel stake deepens fiber play
Since 2021, Maziv has acquired a 49.96 percent stake in Hero Telecoms (Herotel). Vodacom will pay another R600 million to secure its share in this asset, pushing the total equity valuation to R31.8 billion ($1.75 billion). If Maziv proceeds with acquiring an additional 49.93 percent stake in Herotel—as currently under review—Vodacom will commit at least R800 million more for its portion.
The telecoms operator also retains an option to raise its stake in Maziv from 30 percent to 34.95 percent, with the final price determined by independent market valuation post-closing.
Strategic milestone for Rupert’s Remgro and SA’s digital future
For Johann Rupert—who chairs Remgro and controls a 42.91% voting stake—the transaction reinforces his strategic bet on South Africa’s growing digital infrastructure needs. It positions Maziv, the merged fiber asset vehicle, as a dominant open-access platform serving millions of households, small businesses, and enterprise clients.
The longstop date has been extended to September 30, 2025, with an option to further push to November. As the deal now advances unopposed to the Competition Appeal Court, it is set to reshape South Africa’s broadband future—and entrench Rupert’s role at the heart of the country’s digital transformation.
