Vodacom acquires 20% stake in Safaricom

Vodafone Group’s African subsidiary, Vodacom Group Ltd, has agreed to acquire a 20% stake in Safaricom Plc, Kenya’s leading telecom operator

Under the deal, Vodacom will purchase 15% from the Government of Kenya for a cash consideration of €1.36 billion, (approx. US$1.48bn), and 5% from Vodafone for €0.45 billion, (approx. US$0.49bn). The total 20% acquisition is valued at roughly €1.81 billion, or US$1.97bn.

After completion, Safaricom’s ownership will be 55% by Vodacom, 20% by the Government of Kenya, and 25% by public investors, with the company consolidated by both Vodacom and Vodafone.

Strategic rationale

The acquisition allows Vodafone and Vodacom to gain controlling ownership of one of Africa’s most successful telecom and financial services businesses.

Listed on the Nairobi Securities Exchange, Safaricom is Kenya’s largest telecom company, with a market capitalisation of €7.7 billion. It owns a tower and spectrum portfolio in Kenya, along with M-Pesa, a world-leading fintech platform processing over 100 million daily transactions and serving 38 million customers in Kenya. Safaricom also holds a majority stake in Safaricom Ethiopia.

In the six months ending 30 September 2025, Safaricom’s service revenue in Kenya grew 9.3% year-on-year, supported 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.”