Business
Vodafone to acquire controlling stake in Safaricom
Vodafone's African subsidiary, Vodacom, will acquire a 20% stake in Safaricom for €1.81 billion, increasing its ownership to 55% and enabling full consolidation of the Kenyan telecoms operator. This acquisition includes 15% from the Government of Kenya for €1.36 billion and 5% from Vodafone for €0.45 billion. Safaricom, with a market capitalization of €7.7 billion, boasts strong performance with 9.3% service revenue growth in the six months to September 2025, driven by its M-Pesa fintech business which handles over 100 million daily transactions. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals. Disclaimer*
About this update from Vodafone Group Public Limited Company
[{"type":"text","content":"\n\n4 DECEMBER 2025 | LONDON, UK\nVodafone to gain control of and fully consolidate Safaricom\n\n· Vodafone's African subsidiary, Vodacom, to acquire 20% of Safaricom, taking its stake to 55%\n· 15% will be acquired from the Government of Kenya and 5% from Vodafone\n \n\nVodafone Group's African subsidiary, Vodacom Group Ltd (\"Vodacom\") has agreed to acquire an effective 20% of the issued share capital in Safaricom Plc (\"Safaricom\"), Kenya's leading telecoms operator (the \"Acquisition\").\nVodacom will acquire 15% from the Government of Kenya (the \"GOK\") for a cash consideration of €1.36 billion1 (KES 204 billion2), and 5% from Vodafone3 for a cash consideration of €0.45 billion (KES 68 billion).\nFollowing completion of the Acquisition, Safaricom will be owned by Vodacom (55%), the GOK (20%) and public investors4 (25%) and will be consolidated by both Vodacom and Vodafone.\nTransaction rationale\nThe Acquisition provides both Vodafone and Vodacom with an opportunity to gain controlling ownership of one of Africa's most successful telecoms and financial services businesses.\nListed on the Nairobi Securities Exchange, Safaricom is Kenya's largest telecoms company, with a market capitalisation of €7.7 billion. Safaricom also owns a scaled tower and spectrum portfolio in Kenya, as well as M-Pesa - a world-leading fintech business - with over 100 million daily transactions and 38 million M-Pesa customers in Kenya. Safaricom also owns a majority shareholding in Safaricom Ethiopia. In the six months to 30 September 2025, Safaricom's service revenue in Kenya was up 9.3% over the corresponding period last year, underpinned by strong M-Pesa revenue growth of 14%.\n \n\nMargherita Della Valle, Vodafone Group CEO, said: \"In line with our focus on growth, this is an opportunity to gain a controlling shareholding in a highly successful African business in an attractive market. We have enjoyed a successful partnership with Safaricom since 2000, including the co-development of M-Pesa, which has brought wide-ranging financial inclusion to millions of customers.\"\n\n \nCompletion timetable\nCompletion of the Acquisition is subject to a number of conditions, including, but not limited to, regulatory approvals in Kenya, South Africa and Ethiopia.\nThe Acquisition is expected to clos...