Johannesburg/Nairobi – December 2025 – South Africa’s largest mobile operator, Vodacom Group, has cleared a critical regulatory hurdle for its planned acquisition of an additional 20% stake in Kenya’s Safaricom after receiving an independent fairness opinion from audit firm Deloitte.

The $2.1 billion deal, designed to consolidate Vodacom’s control over East Africa’s most profitable telecommunications company, now has the independent assurance needed for shareholder approval in South Africa.

Deloitte Confirms Deal is Fair to Shareholders

Dated December 5, 2025, Deloitte’s fairness opinion validates the proposed KES 34 ($0.26) per share price as reasonable for minority shareholders. This step is essential because the transaction qualifies as a small related-party transaction under Johannesburg Stock Exchange (JSE) rules, requiring independent confirmation that minority shareholders are not disadvantaged.

The opinion is now available for inspection at Vodacom’s offices for 28 days, allowing shareholders to review the legal and financial basis of the acquisition before the deal progresses.

How the Deal Restructures Safaricom Ownership

Vodacom’s acquisition targets Vodafone Kenya, the holding vehicle through which Vodafone controls Safaricom shares. The transaction shifts more Safaricom ownership to Vodacom, strengthening the South African operator’s influence while retaining Vodafone as the ultimate parent company.

Concurrently, Vodafone Kenya is purchasing a 15% stake from the Kenyan government for KES 204.3 billion ($1.58 billion), rising to KES 244.5 billion ($1.89 billion) once an upfront dividend payment is included. This transaction increases direct foreign ownership of Safaricom to 55%, while reducing the state’s stake to 20%.

The consolidation positions Safaricom more firmly under Vodafone and Vodacom’s integrated structure, supporting the group’s ambitions in mobile money, Ethiopia, and regional digital services.

Strategic Importance for Vodacom Group

Safaricom has become a core growth engine for Vodacom, particularly through its mobile money and digital services revenue streams. The Deloitte fairness opinion not only ensures compliance with JSE rules but also strengthens Vodacom’s case to absorb a larger share of Safaricom’s earnings, reinforcing the group’s long-term expansion strategy across Africa.

While the JSE step brings the transaction closer to completion, final regulatory approvals in Kenya and internal corporate restructuring must still be completed before the deal is fully executed.