On June 30, 2026, Vodacom Group of South Africa finalized the acquisition of a 15 percent stake in Safaricom Plc, marking the largest transaction in the history of the Nairobi Securities Exchange. This deal has raised concerns as it is reported that KES 437 billion was left unclaimed, and the CEO of Safaricom has remained silent throughout the process, according to Kenya Insights.

Vodacom has gained majority control of Safaricom, acquiring a 55% stake in the company. This development comes alongside the Communications Authority's decision to penalise telecommunications companies for subpar service. Additionally, MTN has stated that protests regarding migration have not affected its operations, according to Techpoint Africa.

The National Treasury of Kenya is set to receive Sh204.3 billion from the sale of a 20 percent stake in Safaricom, according to Cabinet Secretary John Mbadi. The government sold over 6 billion ordinary shares to Vodacom at Sh34 per share, following a Court of Appeal ruling that cleared the deal. This acquisition increases Vodacom's ownership in Safaricom PLC to 55 percent, establishing it as the majority shareholder.

Mbadi defended the sale of Safaricom's stake, stating that the proceeds will be used to fund infrastructure projects rather than the budget. He responded to opposition criticism by asserting that the divestiture was a planned policy decision made in compliance with the law, following the Court of Appeal's lifting of conservatory orders that had previously paused the transaction.

Treasury Cabinet Secretary John Mbadi has explained the government's decision to reduce its stake in Safaricom from 35 percent to 20 percent, stating that the government was already a minority shareholder prior to this transaction. He addressed the press on July 4, defending the move as part of the government's strategy regarding its investment in the telecommunications company.

South African firms are intensifying their investments in Kenya's corporate sector, with planned acquisitions totaling approximately Sh413 billion. This strategy aims to use Nairobi as a gateway into East and Central Africa. Notably, Absa Group has announced intentions to increase its stake in Absa Bank Kenya from 68.5 percent to a higher percentage.