The Kenyan government is planning to sell a 15% stake in Safaricom to South Africa’s Vodacom Group in a deal that will raise KSh 244.5 billion for the National Treasury, which will cut dependence on debt and reduce the budget deficit. President William Ruto approved the sale of Safaricom shares. Photo: William Ruto. Source: Twitter The state would raise KSh 204.3 billion from the sale of six billion shares at a price of KSh 34 each and an advance dividend of KSh 40.2 billion. The figure is substantially higher than the KSh 169.4 billion that the stake would have drawn from the market price of Safaricom shares as of Wednesday, December 3, 2025. What did Safaricom say? In a public notice on Thursday, December 4, the telecommunications company confirmed the proposed acquisition.
“The shareholders of Safaricom PLC are advised that on Wednesday, December 3, 2025, Safaricom was served with a notice of intention by Vodafone Kenya Limited not to make a mandatory takeover offer to the shareholders of Safaricom PLC. The notice of intention notifies Safaricom that Vodafone Kenya intends to acquire an additional 6,009,814,200 ordinary shares in Safaricom from the government of Kenya, representing a 15% stake in Safaricom,” the telco stated. Safaricom told TUKO.co.ke that the Kenyan government currently owns a 35% stake in Safaricom, while Vodacom Group has a similar stake. “The government of Kenya holds a 35% stake in Safaricom, Vodacom Group owns 35%, Vodafone Group has about 5%, and the remaining 25% is held by individual and institutional investors,” it revealed.
Besides acquiring shares from the Kenyan government, Vodacom Group Limited, the 87.5% majority shareholder of Vodafone Kenya, will increase its stake in Vodafone Kenya to 100% through an internal reorganisation. Safaricom CEO Peter Ndegwa. The government controls a 35% stake. Photo: Peter Ndegwa. Source: Twitter This will entail the purchase of 50 ordinary shares of Vodafone International Holdings, which will represent a 12.5% stake in Vodafone Kenya, as well as the acquisition of a 4.99% indirect stake in Safaricom. What notice did Vodafone issue? Vodafone also confirmed the intention to buy the government’s shares in a notice published in the Daily Nation on Thursday, December 4, 2025. It noted that it had notified the Nairobi Securities Exchange and other market regulators of the proposed acquisition.
“Pursuant to Regulation 4(3) of The Capital Markets (Take-Overs and Mergers) Regulations, 2002, we, Vodafone Kenya Limited hereby announce that on Wednesday, December 3, 2025, we served a notice on Safaricom PLC, the Capital Markets Authority, the Nairobi Securities Exchange and and the Competition Authority of Kenya of our intention to acquire an additional 6,009,814,200 ordinary shares in Safaricom from the government of Kenya,” Vodafone stated.
By Japhet Ruto
