Vodacom secures Deloitte fairness opinion for $2.1bn Safaricom stake increase

Vodacom Group has cleared a major regulatory hurdle in South Africa after Deloitte delivered an independent fairness opinion confirming that its proposed acquisition of an additional 20% stake in Kenya’s Safaricom for $2.1 billion (approximately R39 billion) is fair and reasonable to minority shareholders.

The opinion, dated 5 December 2025, satisfies Johannesburg Stock Exchange (JSE) requirements for the transaction, which is classified as a small related-party deal because the shares are being acquired from Vodafone Kenya Limited – an entity ultimately controlled by Vodacom’s parent, Vodafone Group. Deloitte concluded that the purchase price of KES 34 ($0.26) per share falls within an acceptable valuation range for Safaricom.

The fairness opinion is now available for inspection at Vodacom’s registered offices for 28 days, allowing shareholders to review the independent assessment before the transaction proceeds.

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The deal forms part of a broader restructuring of Safaricom’s shareholding. In a parallel transaction, Vodafone Kenya is acquiring a 15% stake from the Kenyan government for KES 204.3 billion ($1.58 billion), or KES 244.5 billion ($1.89 billion) including an upfront dividend. Upon completion, direct foreign ownership in Safaricom will rise to 55%, while the Kenyan government’s stake will fall to 20%.

The reorganisation will increase Vodacom Group’s effective interest in East Africa’s most profitable telecoms company and consolidate more of Safaricom’s earnings – a key growth driver – within the South African-listed entity.