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Vox Telecom shareholders to buy Investec shares

Vox Telecom Ltd. shareholders agreed to buy out co-investor Investec Ltd. in line with the company's 2 billion South African rand recapitalization, Bloomberg News reported.

Included in the transaction are Vox's management, as well as shareholders Metier Private Equity Ltd. and FirstRand Ltd.'s Rand Merchant Bank.

Vox reportedly plans to accelerate its fiber rollout outside the major cities of South Africa and among small businesses.

As of Sept. 3, US$1 was equivalent to 15.15 South African rand.