South Africa’s Vodacom Group has completed its acquisition of an additional 20% effective stake in Kenya’s Safaricom PLC, raising its ownership in East Africa’s largest telecommunications company to about 55% and securing majority control of one of Africa’s most valuable digital businesses.
The $2.1 billion transaction was finalised after Kenya’s Court of Appeal stayed a conservatory order on June 26, 2026, removing the last major legal obstacle to the acquisition. Vodacom confirmed that all remaining conditions had been fulfilled, allowing the landmark deal to close. Under the agreement, the South African telecom operator acquired a 15% stake from the Government of Kenya and an effective 5% stake from the United Kingdom’s Vodafone Group Plc.
Following the transaction, the Government of Kenya retains a 20% stake in Safaricom, while the remaining 25% continues to be held by public investors through the Nairobi Securities Exchange. The acquisition gives Vodacom majority control of the company behind M-Pesa, Africa’s pioneering mobile money platform, which has transformed financial inclusion and digital payments across Kenya and is increasingly expanding its influence into Ethiopia.
For Vodacom, the transaction represents a major strategic expansion in East Africa. Although the South African company had long been Safaricom’s largest shareholder, majority ownership gives it greater influence over the direction of a business widely regarded as one of Africa’s most successful telecommunications and fintech companies.
The accounting implications are equally significant. As the majority shareholder, Vodacom will now consolidate Safaricom’s financial results into its own accounts under International Financial Reporting Standards (IFRS), changing Safaricom’s status from an associate investment to a controlled subsidiary.
Vodacom Group CEO Shameel Joosub described the acquisition as a landmark milestone that strengthens the company’s leadership in East Africa and supports its Vision 2030 growth strategy. He said the transaction would help accelerate digital and financial inclusion across both Kenya and Ethiopia, where Safaricom continues to invest heavily following its entry into one of Africa’s largest telecom markets.
The Ethiopia expansion remains central to Safaricom’s long-term growth ambitions. Since launching operations there after securing a landmark telecommunications licence, the Kenyan operator has invested billions of dollars to build network infrastructure and expand services in a country of more than 120 million people, making it one of the continent’s biggest telecommunications growth opportunities.
For Kenya, the transaction represents a significant shift in the ownership of one of the country’s most strategic corporate assets. Safaricom dominates Kenya’s telecommunications market and plays a central role in the nation’s digital economy through mobile connectivity, enterprise services, cloud solutions and M-Pesa, which underpins millions of daily financial transactions.
When the deal was first announced in late 2025, the Kenyan government said proceeds from the sale would help capitalise new sovereign investment vehicles intended to finance infrastructure and other long-term development priorities without increasing public debt. The acquisition also reshapes Africa’s telecommunications landscape.
Safaricom is more than Kenya’s largest mobile network operator. It has become one of the continent’s most influential technology companies, combining telecommunications, fintech, enterprise solutions and digital services within a single ecosystem. Bringing the company under majority South African ownership strengthens Vodacom’s position as one of Africa’s leading telecom groups while expanding its influence across some of the continent’s fastest-growing digital markets. The challenge now shifts from ownership to execution.
Vodacom will be expected to preserve Safaricom’s strong market position, accelerate innovation, support its expansion in Ethiopia and maintain the trust of customers, investors and regulators in a company that remains central to Kenya’s digital economy.
