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Vodacom Group, South Africa’s largest mobile operator, has received a significant boost in its planned acquisition of an additional 20% stake in Safaricom, following Deloitte’s independent approval of the $2.1 billion transaction. The audit firm issued a fairness opinion on December 5, confirming that the offer price is reasonable for Vodacom’s shareholders—an essential requirement under Johannesburg Stock Exchange (JSE) rules for related-party transactions.
The fairness opinion validates the proposed share price of KES 34 ($0.26), offering assurance particularly to minority shareholders. As mandated, the document is now available for inspection at Vodacom’s offices for 28 days, allowing investors to review the underlying financial and legal analyses.
At the heart of the deal is Vodacom’s plan to acquire Vodafone Kenya, the holding company that manages Safaricom shares for the Vodafone Group. Although Vodafone remains the ultimate parent company, the restructuring will consolidate a larger share of Safaricom under Vodacom, strengthening its operational control across the continent. Vodafone Kenya will also play a direct role in a parallel transaction involving the Kenyan government.
The acquisition aligns with a broader ownership reshuffle around Safaricom, East Africa’s most profitable company. As part of the larger restructuring, Vodafone Kenya is purchasing a 15% stake from the Kenyan government valued at KES 204.3 billion ($1.58 billion), rising to KES 244.5 billion ($1.89 billion) when an upfront dividend is factored in. This will increase foreign ownership of Safaricom to 55% and reduce the government’s stake to 20%.
For Vodacom, the move represents a strategic push to deepen its presence in high-growth markets—particularly in mobile money, digital services, and Ethiopia’s expanding telecom sector. The additional shares also provide a larger financial stake in Safaricom’s strong earnings, which have become increasingly central to Vodacom’s regional growth strategy.
With Deloitte’s approval and the JSE’s compliance threshold now met, Vodacom is advancing towards final regulatory clearances in Kenya and within the Vodafone Group. The latest milestone positions the company closer to completing a transformative transaction that reinforces its leadership across Africa’s digital and telecom landscape.
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