By Jaime Llinares Taboada

Vodacom Group Ltd. said Monday that it has agreed to fund Safaricom Telecommunications Ethiopia PLC, a new mobile telecommunications services provider in Ethiopia.

The company is backed by an international consortium including Safaricom PLC, Vodacom, Vodafone Group PLC, Sumitomo Corp. and CDC Group. Vodacom will have a 6.2% shareholding in the holding company, which will be majority owned by Safaricom with a 55.7% stake.

Vodacom said the license awarded to Safaricom Telecommunications Ethiopia is an opportunity to build out world-class services in Africa's second-largest country by population, providing a compelling long-term growth vector.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

September 13, 2021 06:55 ET (10:55 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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