VODACOMGateway unit sold for $26m

PCCW, the Hong Kong-based phone company controlled by billionaire Richard Li, has agreed to buy Vodacom Group’s satellite services unit as it builds out its African operations. PCCW Global would pay $26 million (R219m) to acquire the carrier unit of Gateway Communications from Vodacom, the JSE-listed operator said on Friday. PCCW is growing its networks business for multinationals and carriers in Africa to counter domestic competition from companies including China Mobile and Hutchison Telecommunications Hong Kong Holdings. The company will keep Vodacom as a customer. – Bloomberg