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Daily Maverick
5 days ago
- Business
- Daily Maverick
How Vodacom and Maziv convinced everyone they had changed
All the details from the Vodacom/Maziv merger Competition Appeals Court hearing where R12bn in promises nearly caused a fender-bender. When senior counsel representing the Competition Commission, advocate Daniel Berger, said, 'My lord, as an officer of the court, I am duty bound to commit this statement to the public record,' I nearly drove my car off the road in shock. I was on my way from collecting my kids from school to drop my son off at his football practice, and things were getting spicy in the post-lunch session of Competition Appeals Court (CAC) proceedings. But how did we get here? The devil in the details Earlier this month, I reported on the Competition Commission's dramatic about-turn on the Vodacom/Maziv merger – how they went from fierce opposition to sudden support after the parties agreed to 'revised conditions'. Now, sitting in back-to-school traffic with a Teams call crackling through my car speakers, I got the full story of exactly what those conditions entail. And frankly, it's either the most comprehensive set of telecoms concessions in South African history, or the most elaborate corporate sleight of hand. The headline number that had everyone's attention was always going to be the money. Maziv has committed to a cumulative capital expenditure (capex) of 'at least R12-billion' over five years for network expansion and maintenance. That's 'two more (billions) than it was before,' as one counsel helpfully clarified for those of us trying to do math while navigating parking lot chaos. But here's where it gets interesting – and where my daughter, sitting in the passenger seat doing homework, started asking why I was shouting at my laptop again: of that R12-billion, R9-billion will be spent specifically on new fibre projects, with the commitment period restarted from April 2025. They've effectively put the 'clock back to zero' on their investment timeline. The kicker? The capex will be 'primarily but not exclusively spent on roll-out of infrastructure in low-income areas.' This isn't just about passing homes – it's about actually connecting them. The million homes promise Maziv has undertaken to pass at least one million homes in lower-income areas over five years, with at least 350,000 homes in what they're calling 'key areas' (think Alexandra Township), what counsel is calling the 'lowest of low-income homes'. My daughter is now asking what I mean when I keep muttering about 'homes passed'. How do you explain to a 14-year-old that a telecoms company just promised to wire up the townships? But the really fundamental concession – the one that had legal eagles in the virtual courtroom practically purring, is this: Maziv must provide 'sufficient capex to ensure that every home passed in terms of the commitments that wishes to be connected on the prevailing terms and conditions for connection is connected' for five years. What this means They can't just run fibre past your house in Alex and then charge you R2,000 to actually connect. They have to budget for actual connections, not just the theatrical gesture of running cables down your street.. Boardroom chess The shareholding arrangements have been tweaked in ways that would make any corporate governance lawyer proud. Vodacom still gets its initial 30% co-controlling equity interest, but the path to 40% just became significantly more complicated. Under the revised conditions, which now meet muster for Compcom sign-off, 'Vodacom can't increase its shareholding beyond 34.9% without the consent of the Commission.' And if it wants to move to more direct forms of control, it'll need fresh merger approval entirely. I gaze directly into the sun, trying to follow the technical submissions about board composition. All parties are now trying to explain, much to the chagrin of the merging parties, to Judge President Norman Manoim that the 'extra four percent' shareholding isn't the nothingburger he keeps making it out to be. You see, the composition of the board has been restructured since the Competition Tribunal blocked the deal: seven Maziv directors, seven Vodacom directors, and now four independent directors (up from three), plus CEO/CFO. Crucially, 'Vodacom will not be entitled to veto their appointment' of independent directors. It's corporate governance with training wheels, designed to address exactly the control concerns that got this deal prohibited in the first place. Clearing the blockade The legal arguments against the Competition Tribunal's original prohibition are where this hearing gets properly spicy. Advocate Jerome Wilson, representing the merging parties, spent considerable time arguing that the tribunal had 'misdirected itself' through what he called 'internal mistrust' and 'cynicism or bias'. The tribunal, Wilson argued, relied on 'extraordinary allegations' about alleged past collusion between Vodacom and MTN from media reports dating back to 1994 – allegations that were never properly tested in proceedings. This context, he said, apparently 'infected the Tribunal's entire reasoning process'. Wilson's most damning critique focused on the tribunal's 'counterfactual analysis', basically, what would happen without the merger. The tribunal assumed Vodacom would become a very significant fibre player in low-income areas and that other players would fill any investment gap. The evidence? A Dark Fibre Africa representative testimony saying it would take 'at least three years for me to find an investor and I cannot guarantee you that I would find one', and that 'nobody else has come up since 2015' other than Vodacom. The tribunal's reliance on speculation rather than what Wilson calls 'real world outcomes' was deemed a fundamental error. But this does not erase the other issues. The maths starts math-thing While lawyers argued legal theory, the market realities are crazy. Pre-merger, Maziv (through Vumatel) commanded 32% of the fibre-to-the-home (FTTH) market with 2,050,000 homes passed. Vodacom's standalone fibre network? A measly 2.5% with 158,000 homes. Post-merger, the combined entity will control 34.5% of homes passed (2,208,000) and 34.4% of homes connected (885,000). That makes them significantly larger than Telkom's Openserve at 20.9% of homes passed. I explain to my now fully engaged teenager that this deal is essentially creating a duopoly in South Africa's wholesale fibre market: Vodacom-Maziv versus Openserve, with everyone else scrambling for scraps. Which was the original Compcom opposition point, until the merging parties sweetened the deal to get government buy-in – the DTIC and communications minister both supported the appeal. Honeypot dealmaking These post-tribunal public interest commitments read like a policymaking wet dream. Free gigabit per second fibre connections for all public schools, libraries, and clinics passed by the FTTH network roll-out. More police stations getting Fixed Wireless Access (FWA) products. Enhanced employee share ownership plans. Vodacom has also committed to achieving 90% 5G population coverage within five years, with obligations to connect additional FWA users that will require them to 'price their FWA competitively'. For pricing protection, FTTH can't increase prices for the lowest-price options for two years, and there can be 'no forced upgrades' for five years – protecting lower-income consumers from being pushed on to more expensive packages. You see, the tribunal's concern was that Vodacom's veto rights could allow it to force Maziv to act against its profit-maximising interests – essentially, to favour Vodacom over other wholesale customers. The merging parties argued this was a 'fundamental conceptual error'. Vodacom would account for 'less than 20% of Maziv's revenues', so any theoretical side payments or compensation for non-profit-maximising behaviour simply wouldn't make economic sense. The burden of debt What's often lost in the regulatory theatre is why Maziv needed this deal in the first place. CIVH, Maziv's parent company (owned by Remgro), was carrying R19.5-billion in debt by mid-2024. This merger provides the capital injection needed to fund the next phase of fibre expansion, particularly into areas where the business case is marginal. The 'lessening of competition' identified by the tribunal primarily affected 'certain wealthier households' – about 2,000 to 7,500 homes, according to the merging parties. They argued this was insignificant when weighed against connecting a million low-income homes. One genuinely innovative aspect of the revised conditions is an enhanced 'fast-track interim relief process' for foreclosure concerns. This allows an expert to make binding determinations while formal investigations are under way, 'taking the load off the commission' for complex, time-sensitive issues. It's regulatory innovation born from regulatory failure. A recognition that the traditional competition processes aren't nimble enough for rapidly evolving telecoms markets. Concession is a town in Zimbabwe As I finally switch off the Teams call, the bigger picture comes into focus. Compcom's about-turn isn't just about accepting better conditions, it's about accepting that South Africa's digital infrastructure reality requires uncomfortable compromises. The revised deal creates what's being called a 'fibre powerhouse with unparalleled market scale' while theoretically addressing competition and public interest concerns. Whether those theoretical protections work in practice remains to be seen. But here's the uncomfortable truth that emerged from the proceedings: the same companies we don't trust to compete fairly are the only ones with deep enough pockets to bridge our digital divide. In a country where millions still lack basic connectivity, that might be a trade-off we're willing to make. DM
USA Today
15-07-2025
- Sport
- USA Today
Daniel Berger: The Open Championship betting odds and preview
Daniel Berger has +13000 odds to win the 2025 Open Championship at Royal Portrush Golf Club. He made the cut in his last appeareance at this tournament in 2021 and finished eighth. Berger has played in 28 tournaments in the past year. His best finish was second, his average finish was 26th, and he made the cut 21 times (75.0%). The 7,381-yard course in Portrush, GBR, playing as a par 71 for this event, will host a field of competitors seeking a share of the $17,000,000.00 purse. Xander Schauffele won the event the last time it was held. Daniel Berger odds to win The Open Championship PGA odds courtesy of BetMGM Sportsbook. Odds updated Tuesday at 10:21 AM ET. For a full list of sports betting odds, access USA TODAY Sports Betting Scores Odds Hub. Berger's stats and trends Berger's recent results How to watch The Open Championship ESPN+ is the new home of PGA TOUR LIVE. Sign up now to access 4,300+ hours of live coverage from 35 PGA TOUR tournaments this year.
USA Today
11-07-2025
- Sport
- USA Today
Daniel Berger Genesis Scottish Open odds, tips and betting trends
As we enter the weekend of the Genesis Scottish Open, Daniel Berger is in 64th position with a score of -1. In the past year, Daniel Berger has competed in 28 events. His best finish was second, his average finish was 26th, and he posted the best score of the day one time. Daniel Berger odds to win the Genesis Scottish Open PGA odds courtesy of BetMGM Sportsbook. Odds updated Friday at 4:21 PM ET. For a full list of sports betting odds, access USA TODAY Sports Betting Scores Odds Hub. Berger's stats and trends Berger's recent results How to watch the Genesis Scottish Open ESPN+ is the new home of PGA TOUR LIVE. Sign up now to access 4,300+ hours of live coverage from 35 PGA TOUR tournaments this year.
USA Today
20-06-2025
- Sport
- USA Today
Travelers second round live updates: Leaderboard, highlights from TPC River Highlands
Travelers second round live updates: Leaderboard, highlights from TPC River Highlands It's time for Friday at the 2025 Travelers Championship. The final signature event of the 2025 PGA Tour season is underway at TPC River Highlands in Cromwell, Connecticut, where World No. 1 Scottie Scheffler is the defending champion and in contention after the first round. Follow along below for live updates and highlights from Friday's second round at the Travelers: Travelers Championship 2025 live leaderboard Keep up with the latest scores on our USA TODAY Sports leaderboard. Travelers Championship 2025 Friday second round tee times 8:00 AM – Daniel Berger, Sam Stevens – Daniel Berger, Sam Stevens 8:10 AM – Jhonattan Vegas, Gary Woodland – Jhonattan Vegas, Gary Woodland 8:20 AM – Rickie Fowler, Michael Kim – Rickie Fowler, Michael Kim 8:30 AM – Maverick McNealy, Ryan Gerard – Maverick McNealy, Ryan Gerard 8:40 AM – Russell Henley, Nick Dunlap – Russell Henley, Nick Dunlap 8:50 AM – Patrick Cantlay, Sungjae Im – Patrick Cantlay, Sungjae Im 9:00 AM – Cam Davis, Alex Noren – Cam Davis, Alex Noren 9:10 AM – Taylor Pendrith, Eric Cole – Taylor Pendrith, Eric Cole 9:20 AM – Thomas Detry, Si Woo Kim – Thomas Detry, Si Woo Kim 9:35 AM – Brian Harman, Akshay Bhatia – Brian Harman, Akshay Bhatia 9:45 AM – Sepp Straka, Aaron Rai – Sepp Straka, Aaron Rai 9:55 AM – Shane Lowry, Denny McCarthy – Shane Lowry, Denny McCarthy 10:05 AM – J.T. Poston, Matt Fitzpatrick – J.T. Poston, Matt Fitzpatrick 10:15 AM – Justin Thomas, Hideki Matsuyama – Justin Thomas, Hideki Matsuyama 10:25 AM – Xander Schauffele, Collin Morikawa – Xander Schauffele, Collin Morikawa 10:35 AM – J.J. Spaun, Scottie Scheffler – J.J. Spaun, Scottie Scheffler 10:45 AM – Luke Clanton – Luke Clanton 10:55 AM – Andrew Novak, Jacob Bridgeman – Andrew Novak, Jacob Bridgeman 11:10 AM – Davis Riley, Bud Cauley – Davis Riley, Bud Cauley 11:20 AM – Nick Taylor, Kevin Yu – Nick Taylor, Kevin Yu 11:30 AM – Joe Highsmith, Tom Kim – Joe Highsmith, Tom Kim 11:40 AM – Min Woo Lee, Harry Hall – Min Woo Lee, Harry Hall 11:50 AM – Mackenzie Hughes, Matti Schmid – Mackenzie Hughes, Matti Schmid 12:00 PM – Tony Finau, Christiaan Bezuidenhout – Tony Finau, Christiaan Bezuidenhout 12:10 PM – Wyndham Clark, Matthieu Pavon – Wyndham Clark, Matthieu Pavon 12:20 PM – Jason Day, Max Homa – Jason Day, Max Homa 12:30 PM – Austin Eckroat, Byeong Hun An – Austin Eckroat, Byeong Hun An 12:45 PM – Davis Thompson, Stephan Jaeger – Davis Thompson, Stephan Jaeger 12:55 PM – Adam Hadwin, Max Greyserman – Adam Hadwin, Max Greyserman 1:05 PM – Tom Hoge, Tommy Fleetwood – Tom Hoge, Tommy Fleetwood 1:15 PM – Adam Scott, Cameron Young – Adam Scott, Cameron Young 1:25 PM – Viktor Hovland, Robert MacIntyre – Viktor Hovland, Robert MacIntyre 1:35 PM – Ludvig Åberg, Sam Burns – Ludvig Åberg, Sam Burns 1:45 PM – Rory McIlroy, Keegan Bradley – Rory McIlroy, Keegan Bradley 1:55 PM – Ryan Fox, Ben Griffin – Ryan Fox, Ben Griffin 2:05 PM – Harris English, Lucas Glover How to watch the 2025 Travelers Championship This is the TV channel, streaming and radio schedule, with Golf Channel, CBS, ESPN+, Paramount+ and PGA Tour Radio on SiriusXM all teaming up for the coverage. All times listed are ET. Second round, Friday, June 20 7:30 a.m.-6 p.m., PGA Tour Live on ESPN+ 12-6 p.m., SiriusXM PGA Tour radio 3-6 p.m., Golf Channel, NBC Sports app Third round, Saturday, June 21 8 a.m.-6:30 p.m., PGA Tour Live on ESPN+ 1-6:30 p.m., SiriusXM PGA Tour radio 1-3 p.m., Golf Channel, NBC Sports app 3-6:30 p.m., CBS, Paramount+ Final round, Sunday, June 22 7:30 a.m.-6 p.m., PGA Tour Live on ESPN+ 1-6 p.m., SiriusXM PGA Tour radio 1-3 p.m., Golf Channel, NBC Sports app 3-6 p.m., CBS, Paramount+ What is the purse, prize money at Travelers Championship? The Travelers purse is $20 million, with $3.6 million going to the winner in addition to 700 FedEx Cup Past Travelers Championship winners Scottie Scheffler (2024); Keegan Bradley (2023); Xander Schauffele (2022); Harris English (2021); Dustin Johnson (2020) Is there a cut at the 2025 Travelers Championship? No, there is not a cut at the Travelers Championship. All 72 players will play all four rounds.
USA Today
18-06-2025
- Sport
- USA Today
Daniel Berger odds to win the 2025 Travelers Championship
Daniel Berger odds to win the 2025 Travelers Championship Travelers Championship details and info Date: June 19-22, 2025 June 19-22, 2025 Course: TPC River Highlands TPC River Highlands Location: Cromwell, CT Cromwell, CT Previous Winner: Scottie Scheffler How to watch the Travelers Championship Thursday: The Golf Channel The Golf Channel Friday: The Golf Channel The Golf Channel Saturday: CBS (KBAK-Bakersfield, CA), The Golf Channel CBS (KBAK-Bakersfield, CA), The Golf Channel Sunday: CBS (KBAK-Bakersfield, CA), The Golf Channel Watch golf on Fubo! Berger odds to win the Travelers Championship PGA odds courtesy of BetMGM Sportsbook. Odds updated Wednesday at 8:56 AM ET. For a full list of sports betting odds, access USA TODAY Sports Betting Scores Odds Hub. Berger odds to finish in the top 5 at the Travelers Championship Berger odds to finish in the top 10 at the Travelers Championship Other betting markets for Berger at the Travelers Championship Berger recent performances While Berger has not won any of the 16 tournaments he has participated in this season, he has come away with two top-five finishes. Berger has an average finishing position of 40th in his past four appearances. Berger has two top-five finishes in his last four trips to this tournament. His average finishing position over that span is 25th.
