Vodacom Group, the Johannesburg-based telecommunications giant led by South African executive Shameel Joosub is set to take a controlling stake in Kenyas Safaricom Plc in a deal worth about 2.4 billion.
The company has agreed to buy a 15 percent stake from the Kenyan government and an additional 5 percent from Vodafone International Holdings BV. The combined purchase is priced at 2.1 billion, strengthening its position in one of Africas most valuable mobile operators.
As part of the transaction, Vodacom will also make an upfront payment of R5.3 billion 312 million to secure dividend rights that previously flowed to the Kenyan state. The arrangement follows weeks of discussions between Vodacom and Kenyan officials about the future of Safaricoms shareholding.
