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Merger Cleared

Multibillion-Rand Maziv-Vodacom Deal Wins Court Approval

Merger Cleared

Multibillion-Rand Maziv-Vodacom Deal Wins Court Approval

Laurie Binge
Key Contact
Laurie Binge

How do you prove that a major merger isn’t creating a monopoly?

In 2019, Vodacom, a South African telecommunication company, sought to purchase a 30% stake in another telecom group, Maziv.

The deal was initially blocked by South Africa’s Competition Tribunal on the grounds that it would harm competitors and third parties. Maziv’s counsel DLA Piper engaged FTI Consulting to provide independent expert economic analysis on the competitive effects of the transaction. FTI Consulting worked alongside Compass Lexecon, instructed by CDH (advisers to Vodacom), throughout the transaction process.

Our Impact

In July 2025, the South African Competition Commission and the merging parties agreed on a revised set of conditions, and the Competition Appeal Court approved the transaction in August 2025, subject to the revised conditions.

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Close-up view of organized blue network cables connected to a curved metal patch panel inside a server rack.

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FTI Consulting found that the transaction was unlikely to result in a substantial lessening of competition, narrowed down the competition and public interest issues and demonstrated how the conditions would address any remaining concerns.

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Our Role

Clearing the way for a major telecom merger

  1. FTI Consulting prepared an economic report assessing the competitive effects of the proposed transaction, which was part of the merger filing in December 2021.

  2. During a lengthy investigation phase, we assisted the merging parties in responding to numerous requests for information from the Competition Commission.

  3. In response to the Commission’s Referral Report, which recommended that the transaction be prohibited, our team prepared an expert report that was filed in May 2024.

  4. FTI Consulting Affiliate Professor Nicola Theron testified at the Tribunal hearing, which spanned 24 days between May and September 2024.

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