Vodacom Appeals Safaricom Stake Ruling

Vodacom is taking its fight over its expanded ownership of Safaricom to the Court of Appeal after a Kenyan High Court decision threatened to reverse the company’s acquisition of an additional 15 percent stake in the telecommunications giant.

The development keeps the $1.6 billion transaction at the centre of a legal dispute. On Wednesday, September 16, 2026, Kenya’s Finance Minister John Mbadi said the government would also challenge the High Court decision, meaning both sides are seeking to preserve the transaction through the appeals process.

Vodacom has filed an appeal and is asking the High Court to temporarily suspend the effect of its ruling as the case moves forward.

The disputed transaction significantly changed the ownership structure of Safaricom. Following the purchase, Vodacom’s effective holding rose to 55 percent, giving it majority control of Kenya’s largest telecommunications company. The Kenyan government’s remaining stake fell to 20 percent.

However, the High Court found shortcomings in the process used to sell the government’s shares. Among the issues raised in the judgment were concerns about public participation and the disclosure of information considered material to the transaction.

Safaricom has said it is studying the judgment and assessing what it could mean for the company.

The financial stakes are substantial. Kenya received approximately $1.6 billion from the sale as the government pursues measures to raise funds and manage its debt obligations. The transaction was announced in December 2025 and completed in June 2026.

The court challenge has now placed the future of the additional 15 percent holding in doubt. A successful appeal could allow Vodacom to retain the shares and its majority position, while an unsuccessful challenge could require the transaction to be unwound in accordance with the High Court’s orders.

For now, however, no immediate final change in ownership is settled. Vodacom’s appeal, together with the government’s decision to challenge the ruling, means the dispute will continue before the Kenyan courts as the parties seek clarity over the future of the Safaricom stake.