Vodacom Group has agreed to acquire a 20% stake in Safaricom for $2.1 billion (R36 billion), a deal that would lift its ownership of East Africa’s largest telecoms operator from 35% to 55% and give it majority control.
Under the terms announced on 4 December 2025, Vodacom will acquire 15% from the Government of Kenya and a further 5% from Vodafone at KES 34 per share. The Kenyan government will retain a 20% stake and board representation. Safaricom will remain listed on the Nairobi Securities Exchange.
Why it matters
The acquisition gives Vodacom consolidated control of Safaricom’s operations in Kenya and Ethiopia, including M-Pesa, the mobile money platform that processes billions of dollars in transactions annually. Under International Financial Reporting Standards, Safaricom’s financials will move from associate accounting to full consolidation, pushing Vodacom Group’s reported revenue towards R220 billion.
Shameel Joosub, CEO of Vodacom Group, described it as a landmark step. “Acquiring a controlling stake in Safaricom strengthens our position as a market leader, while at the same time unlocking new opportunities to drive digital and financial inclusion at scale in Kenya and Ethiopia,” Joosub said.
Safaricom CEO Peter Ndegwa welcomed the deepened partnership. “Their confidence in Safaricom is a testament to the strength of our people, our strategy, and the opportunities ahead,” Ndegwa said.
Kenya government perspective
Kenya’s Cabinet Secretary for the National Treasury, John Mbadi, said the transaction aligns with the president’s agenda to unlock capital without raising taxes or increasing debt. “Safaricom has been, and continues to be, a key strategic investment for us,” Mbadi said.
The deal is subject to regulatory approvals in Kenya, Ethiopia, and South Africa.
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