The Government of Kenya GOK has imposed strict, binding conditions on Vodacom Group 's acquisition of a majority stake in Safaricom PLC to safeguard national control, protect local jobs, and preserve the mobile giant's Kenyan identity.
Under the agreement, Vodacom will increase its stake in Safaricom from 35 to a controlling 55. The deal involves Vodacom acquiring an additional 15 from the GOK and 5 from Vodafone for 2.1 billion approximately R36 billion.
The Kenyan government has mandated several conditions to ensure the deal aligns with national interests. These include a requirement that Safaricom's Chairman and Chief Executive Officer CEO must always be Kenyan citizens, ensuring local leadership of the strategic national asset.
