Africa's Biggest Fund Manager Said to Explore Vodacom Deal

Pedestrians pass a Vodacom mobile phone store in Johannesburg. Photographer: Waldo Swiegers/Bloomberg

The Public Investment Corp., Africa’s biggest money manager, is considering increasing its stake in Vodacom Group Ltd. by buying government-owned shares in the wireless operator, people familiar with the plans said.

The Pretoria-based PIC, which already owns 3.19 percent of Johannesburg-based Vodacom, is seeking advisers for a deal that could make it the company’s second-largest shareholder after U.K. carrier Vodafone Group Plc, said one of the people, who asked not to be identified because the proposal hasn’t been made public.

The government’s 13.9 percent stake is worth 30.5 billion rand ($2.54 billion) at Vodacom’s current share price.

Read more: Africa’s Biggest Fund Manager Said to Explore Vodacom Deal – Bloomberg Business.