Vodafone PLC has transferred its 35 percent stake in Safaricom to its South African unit; Vodacom Group Ltd, a deal valued at approximately Sh 266 billion.
Vodacom S.A is 65 percent owned by Vodafone PLC, the largest shareholder in Safaricom with a 40 percent shareholding.
The acquisition was made public on Monday Morning when Vodacom released its Full Year 2017 results.
“The proposed transaction also offers an opportunity to diversify Vodacom Group’s economic exposure and earning’s profile in a single transaction. Its interest in Safaricom will contribute approximately 15% of its earnings (before amortisation for the fair value adjustment of assets on acquisition) based on Vodacom Group’s net profits as reported in its preliminary results for the year ended 31 March 2017.” said Vodacom in a statement.
Last week, Safaricom announced its full year 2017 results reporting an increase of 27.1 percent in net income to a record Sh 48.4 Billion. This was mainly driven by M-Pesa revenues which increased by 32.7 percent to Sh 55.1 Billion as 30 day users of the platform grew by 14.6 percent to 19.02 Million.
Safaricom will begin its 2017 international from Monday 15th to 17th May in London to showcase the Full Year 2017 results. From 18th to 30th May, the Roadshow begins in Copenhagen, Stockholm, Paris, Chicago, Johannesburg and finally in Cape Town on 30th.
Related; Safaricom Officially Unveils M-Pesa Payments Card To Rival Visa & Mastercard
