Vodafone has made a non-binding proposal to acquire a 15% stake in Vodacom Group for ZAR22.5 billion in cash, less Vodacom's attributable net debt at the date of signing subject to the listing and unbundling of Telkom's remaining stake of 35% in Vodacom to Telkom shareholders. 

The proposed transaction would result in Vodafone owning 65% of an attractive asset with strong market positions in South Africa, the Democratic Republic of Congo, Lesotho, Mozambique and Tanzania.

The proposed transaction remains subject to a number of conditions, including the successful negotiation and agreement of final transaction documents.

Such a deal would likely be welcomed by Vodacom and Telkom subscribers.