BRIEF-Vodacom to buy Neotel for 7 bln rand

Mon May 19, 2014 1:36am EDT

May 19 (Reuters) -

* Acquisition of neotel<vodj.j

* Vodacom - shareholders of company ("shareholders") are advised that vodacom has entered into an agreement with shareholders of neotel proprietary limited

* Vodacom will acquire 100% of issued share capital in and shareholder loan claims against neotel

* For a cash consideration equivalent to an enterprise value of zar 7.0bn

* Vodacom will fund acquisition through available cash resources and existing credit facilitiesTransaction remains subject to fulfilment of a number of conditions precedent

* Transaction remains subject to applicable regulatory approvals.

* Transaction is expected to close before end of current financial year, although will be dependent of timing of requisite regulatory approvals. Source text for Eikon: Further company coverage: [ ]

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