At the tribunal's marathon hearings into the matter, Vodacom presented the deal as a strategic financial investment - valued at R14-billion - that would unshackle Maziv from its large debt burden and allow for further infrastructure investment in fibre, including in underserviced areas.
This implied the merged entity would not behave in ways that would give either party an unfair competitive advantage in any of the markets they operate in - by, for example, sharing sensitive information or influencing key strategic decisions in Vodacom's favour.
The tribunal , however, interpreted the merger in a different way, emphasising that the investment by Vodacom 'should not be viewed as a once-off event" as it "aligns the merger parties' future interests", meaning its effects on competition were likely to be more severe.
"The merger parties' witnesses' version rings hollow that post-merger, Vodacom would have no influence over the operations of Dark Fibre Africa and Vumatel," the tribunal said in its reasons document. Vumatel and DFA are subsidiaries of Maziv.
"The evidence shows that Vodacom will have extensive decision-making rights and powers at shareholder, director and even committee levels in relation to Maziv as well as its subsidiaries"