Deals
Vodafone Sells $2.6 Billion Kenyan Stake to South Africa Unit
- Vodacom buys 35% of Safaricom from parent in equity deal
- Move simplifies Vodafone’s Africa assets, raises Vodacom stake
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Vodafone Group Plc is simplifying its holdings in sub-Saharan Africa, selling a $2.6 billion stake in Kenya’s Safaricom Ltd. to its majority-owned Vodacom Group Ltd.
In the all-share deal, Vodafone will transfer a 35 percent stake in Safaricom to its Johannesburg-based unit, getting stock in return that raises its Vodacom holding to about 70 percent. Bloomberg News reported the deal on Sunday.