Kenya's Safaricom said on Wednesday that Vodafone Kenya intends to acquire additional shares in Safaricom equal to a 15% stake from the government for about $1.6 billion.

Safaricom said in a statement that Vodafone Kenya - owned by Vodafone's African subsidiary Vodacom - does not intend to launch a takeover offer of Safaricom upon the completion of the acquisition.

The deal would leave the Kenyan government with a 20% stake, the public a 25% shareholding and Vodafone Kenya with 55%.

Safaricom added that as part of the transaction, Vodafone Kenya would also buy the right to receive future Safaricom dividends for an upfront payment of 40.2 billion shillings to the government in lieu of future dividends that will accrue to the government's residual 20% shareholding in Safaricom.

The buyer will pay 34 shillings per share, a premium to the 28.20 where Safaricom shares closed on Wednesday.

In May 2025, Finance Minister John Mbadi first announced Kenya's intention to sell more of its shareholding in Safaricom.

It sold a 25% stake via an initial public offering in 2008.