Johannesburg - Vodacom has sidestepped the political drama around its R7.5 billion black economic empowerment (BEE) deal by shunning a consortium at the centre of alleged political interference.
Royal Bafokeng Holdings (RBH) and Thebe Investment Corporation, the preferred bidders, have strong broad-based credentials and had kept a low profile in the run-up to Friday's announcement by the country's biggest cellular operator.
By comparison, a bid by Amandla Omoya had received widespread media coverage after reports that the new ANC leadership had objected to the inclusion of Vuwa Investments, the vehicle of former national director of prosecutions Bulelani Ngcuka, as a partner.
Amandla Omoya, which was said last year to be a frontrunner, split when Ngcuka was ditched by Nkenke Kekana's Mowana Five Mile, former Eskom chairman Reuel Khoza's AKA Capital and businesswoman Anna Mofokeng's PTA.
Vodacom rejected claims of political interference.
Kekana said on Friday that he had been "happy to walk away" from the deal because the new terms did "not make economic sense" or allow entrepreneurs to add value. "We were disappointed there were politics that should have been left out of the deal," he added.
Thebe chairman Vusi Khanyile said he had "absolutely no idea" about political interference in the deal. "The bidding process was really a black box for us." He noted "with appreciation" Thebe's inclusion.
Thebe's sole shareholder is the community-based organisation Batho Batho Trust. Its other investments include Combined Motor Holdings and radio station Kaya FM.
RBH is the investment vehicle of the Royal Bafokeng Nation, representing a 300 000-strong North West community whose asset base has grown to about R30 billion through stakes in Impala Platinum, SA Chrome & Alloys, Senwes and others.
Despite its relatively benign choice of partners, Vodacom was criticised for constructing the deal behind closed doors.
Communication Workers' Union (CWU) president Joe Chauke slated the "secret" deal. "There is no discussion with workers about how they will feature. If the process is flawed, the outcome will be flawed."
The CWU has threatened to strike as a result of Vodacom's failure to consult labour about the employee share scheme. Chauke said workers would discuss a response this week.
A sticking point may relate to the inclusion of both black and white employees. Vodacom reiterated on Friday that the deal's participants would include all staff (25 percent), the strategic partners (45 percent) and the black public and black business partners (30 percent).
Vodacom expected to announce the terms of the deal at the end of June.
Analysts welcomed news of the preferred partners, but said the market was more interested in the pricing of the deal.
At current valuations of Vodacom of about R125 billion, the R7.5 billion BEE stake would amount to 6 percent of the company. One analyst expected the stake would amount to about 7.5 percent due to a discount for the BEE partners. Business Watch, page 18