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The shares, purchased from the Kenyan government and Vodacom’s parent company Vodafone, give it a 55% stake in the business
This week, South Africa telecoms giant Vodacom has announced a deal to increase its stake in Kenya’s Safaricom to 55%, in a deal worth $2.1 billion.
The deal would see Vodacom acquire a 15% stake in the business from the Kenyan government and a further 5% stake from its parent company Vodafone.
Acquiring a controlling stake in Safaricom is part of Vodacom’s wider Vision2030 strategy, which aims to see the company grow its subscriber base to 260 million and greatly expand the company’s digital and financial service offerings by the end of the decade.
Safaricom is the largest mobile operator in Kenya, with around 50 million customers. In 2022, the company led a consortium to build a second national operator in Ethiopia, which has since gained around 10 million subscribers.
“This landmark transaction will mark a pivotal step in Vodacom’s journey to accelerate growth and deepen our impact across Africa,” said Vodacom Group CEO, Shameel Joosub. “Acquiring a controlling stake in Safaricom strengthens our position as a market leader, while at the same time unlocks new opportunities to drive digital and financial inclusion at scale in Kenya and Ethiopia.”
The deal is subject to typical regulatory approvals.
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