Vodafone sell-off

VODAFONE has sought to simplify its operations overseas by transferring part of its stake in Kenyan operator Safaricom to its subSaharan Africa subsidiary.

The telecoms giant will be swapping a 35pc indirect interest in Safaricom for 226.8m new Vodacom shares, with a value of £2bn. It increases Vodafone’s ownership in listed Vodacom from 65pc to 70pc. As part of the deal, Vodafone has assured the Kenyan government of its commitment to their longstanding partnership.

The deal gives Vodacom greater access to Safaricom’s mobilebanking service, MPesa.