Vodafone to gain control of and fully consolidate Safaricom

Vodacom 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).

Following 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.

Transaction rationale

The 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.

Listed 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%.

Margherita 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.”

Completion timetable

Completion of the Acquisition is subject to a number of conditions, including, but not limited to, regulatory approvals in Kenya, South Africa and Ethiopia.

The Acquisition is expected to close in the first quarter of the 2026 calendar year.

Full transaction details are contained in Vodacom’s announcement, available here: https://www.vodacom.com/share-price-and-sens.php

Notes to Editors

1. Subject to customary closing adjustments.
2. Based on a Euro to Kenyan shilling of 1 Euro:150.5 KES.
3. Vodafone, through its subsidiary Vodafone International Holdings B.V., will sell its remaining 12.5% stake in Vodafone Kenya Limited (equivalent to an effective 5% stake in Safaricom), to Vodacom.
4. Via Safaricom’s listing on the Nairobi Securities Exchange.

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