Kenya’s leading telco Safaricom has announced that it has completed the full acquisition of M-Pesa Holding Company Limited from its ultimate parent firm Vodafone Group PLC.
Details
In a statement, Safaricom stated that it had acquired 100 percent control of the M-Pesa firm, making the mobile money product a wholly-owned subsidiary of Safaricom.
The transaction, which was initially revealed by Vodafone in May, saw Safaricom pay the British multinational a token amount of $1.
What They’re Saying
“The board of directors of Safaricom PLC is pleased to notify the public of the completion of the acquisition by Safaricom of the entire issued share capital of M-Pesa Holding Co. Limited from Vodafone International Holdings,” wrote Safaricom’s acting company secretary Linda Wambani.
“Completion of the transaction was subject to the satisfaction of conditions that are customary for transactions of this nature, including obtaining approval from shareholders and relevant regulators, all of which have been duly satisfied and all regulatory approvals obtained.”
Why This Matters
The transfer of M-Pesa Holding to Safaricom marks the telco’s increased control of the major aspects of the mobile money service which was pioneered in Kenya but whose intellectual property was previously held by Vodafone.
Source: Business Daily Africa
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