Wedoany.com Report-Dec.5, Vodacom Group has signed an agreement to acquire an additional 20% stake in Safaricom, raising its total shareholding from 35% to 55%. The transaction, valued at approximately US$2.1 billion (R36 billion), involves purchasing 15% from the Government of Kenya and 5% from Vodafone Group at KES 34 per share.

Subject to regulatory approvals in Kenya, Ethiopia and South Africa, the deal will give Vodacom majority control of East Africa’s largest telecommunications operator.

Vodacom Group CEO Shameel Joosub said: "This landmark transaction will mark a pivotal step in Vodacom's journey to accelerate growth and deepen our impact across Africa. Acquiring a controlling stake in Safaricom strengthens our position as a market leader, while at the same time unlocks new opportunities to drive digital and financial inclusion at scale in Kenya and Ethiopia. Safaricom's outstanding track record and differentiated growth outlook perfectly complement our Vision 2030 ambitions, empowering us to deliver sustainable value for all stakeholders and to connect millions more people for a better future. I look forward to working even closer with the Safaricom team and taking some of the learnings from their success and leveraging it across the Group."

Safaricom CEO Peter Ndegwa added: "Vodacom has been a trusted partner in Safaricom's journey from the very beginning and we welcome their continued commitment and long-term investment in our business. Their confidence in Safaricom is a testament to the strength of our people, our strategy and the opportunities ahead. We look forward to deepening our collaboration as we continue to scale innovation, expand regionally and deliver transformative digital and financial services to our customers."

The acquisition aligns with Vodacom's Vision 2030 strategy to expand in high-growth African markets and builds on the long-standing partnership between the two companies that began when Vodafone and Vodacom jointly established Safaricom over two decades ago.