Vodacom Group has completed its acquisition of an additional 20% effective stake in Safaricom, increasing its ownership to approximately 55% and giving it majority control of one of Africa’s largest telecommunications and fintech companies.
The transaction, valued at $2.1 billion (R35 billion), was finalized after Kenya’s Court of Appeal stayed a conservatory order on June 26, allowing all remaining conditions for the deal to be met.
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The acquisition, first announced in December 2025, includes a 15% stake purchased from the Government of Kenya and an effective additional 5% stake acquired from Vodafone Group at KES 34 per share. Following the transaction, the Government of Kenya retains a 20% ownership in Safaricom, which remains listed on the Nairobi Securities Exchange.
With majority ownership, Safaricom’s financial results will now be fully consolidated into Vodacom’s financial statements rather than being treated as an associate company. In the 2026 financial year, Vodacom reported EBITDA of R63 billion, while Safaricom generated R29 billion.
Vodacom Group CEO Shameel Joosub described the acquisition as a landmark milestone that strengthens the group’s leadership across East Africa while creating new opportunities to expand digital and financial inclusion in both Kenya and Ethiopia.
He said Safaricom’s strong position in telecommunications, financial services, and technology aligns with Vodacom’s Vision 2030 strategy and will help the company connect millions more people while delivering long-term value across the region.
Safaricom is one of Africa’s leading digital businesses, with its M-Pesa platform playing a central role in financial inclusion. In Kenya, fintech contributes 44% of Safaricom’s revenue, while the company continues to expand in Ethiopia, where it has built a customer base of around 14 million subscribers. The operator has also been growing its cloud, Internet of Things (IoT), and enterprise technology services.
The acquisition further strengthens Vodacom’s footprint across Africa, creating a network that spans from South Africa through East and Central Africa to Egypt, with Safaricom becoming a key pillar of its East African operations.
Kenya’s Cabinet Secretary for the National Treasury, John Mbadi, said the government’s decision to sell part of its stake allows Kenya to unlock value from its long-term investment in Safaricom and channel the proceeds into national infrastructure, including roads, energy, water systems, and airports.
Vodacom said it will provide an update on its medium-term strategy and targets when it releases its first-quarter financial results on July 27, 2026.
