Vodacom minority shareholders back Safaricom acquisition

Vodacom’s minority shareholders have voted in favour of the group’s proposed acquisition of an effective 35% stake in Safaricom.

In May, Vodacom said the estimated R35 billion deal would provide it with a unique opportunity to diversify its financial profile in a single transaction.

“This is an exciting deal that provides Vodacom shareholders with access to a high growth, high margin, and high cash generating business in the attractive Kenyan market,” said Vodacom Group chief executive Shameel Joosub.

“The proposed transaction increases our presence in East Africa and makes Vodacom a formidable player in financial services on the continent.”

Vodacom said the transaction remains subject to certain regulatory approvals and conditions present in Kenya and South Africa.

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Vodacom minority shareholders back Safaricom acquisition