LONDON, June 30, 2026, 18:01 BST
- Vodafone Group Public Limited Company (LON:VOD) dropped 3.72% to 99.60p. The FTSE 100 was up 0.12% at 10,497.12.
- Vodacom Group Limited JSE:VOD has wrapped up a deal to bring its Safaricom Plc NSE:SCOM ownership to roughly 55%. The move hands Vodafone full control for consolidating the Kenyan carrier.
- Safaricom’s forecast R29 billion EBITDA for FY26 is roughly 46% the size of Vodacom’s R63 billion, a scale big enough to shift Vodafone’s Africa profile.
Vodafone Group Public Limited Company (LON:VOD) dropped over 3% on Tuesday and was one of the FTSE 100’s laggards. The move came as Vodafone closed a deal, taking control of a major telecom and mobile-money player in Africa.
Vodafone shares finished 3.72% lower at 99.60p. The FTSE 100 was up 0.12% at 10,497.12, so Vodafone lagged the index by 384 basis points for the day. With a market value of £22.93 billion at Hargreaves Lansdown, Vodafone lost about £890 million in equity value from the single-day decline, by calculation.
| Tuesday close check | Close | Day move | Market read |
|---|---|---|---|
| Vodafone Group Public Limited Company (LON:VOD) | 99.60p | -3.72% | Ranked fifth from the bottom on MarketWatch’s FTSE 100 close list |
| BT Group plc (LON:BT.A) | 190.10p | -3.11% | Another UK telecom losing ground |
| FTSE 100 | 10,497.12 | +0.12% | Index up for the day |
The decline is the market’s first full go at Vodafone’s Africa move. Vodafone said Vodacom finished buying an effective 20% of Safaricom, now bringing its stake to 55%. Vodacom picked up 15% from the Kenyan government for KES 204 billion, or €1.36 billion, and 5% from Vodafone itself for KES 68 billion, or €0.45 billion.
Vodacom said the deal is worth $2.1 billion, or R35 billion, and confirmed Safaricom will be consolidated, not just listed as an associate, under IFRS. That’s key for Vodafone as Safaricom isn’t a minor unit. Vodacom posted R63 billion EBITDA for FY26, with Safaricom delivering R29 billion.
| Safaricom deal item | Figure |
|---|---|
| Vodacom’s new effective stake | about 55% |
| Portion of Safaricom stake acquired | 20% |
| Price for 15% bought from Kenya | KES 204 bln / €1.36 bln |
| Price for 5% bought from Vodafone | KES 68 bln / €0.45 bln |
| Deal value Vodacom gave | $2.1 bln / R35 bln |
| Safaricom FY26 EBITDA vs Vodacom FY26 EBITDA | R29 bln vs R63 bln |
Vodacom CEO Shameel Joosub called the deal “a landmark moment” for the group, saying it will allow Vodacom to “drive digital and financial inclusion at scale in Kenya and Ethiopia.” Kenya Treasury Cabinet Secretary John Mbadi said the government is realising some of its Safaricom stake to fund roads, energy, water and airport projects. Vodacom
Investors face a tougher call as Vodafone picks up more growth from Africa, while Europe is still up and down. Vodafone’s May FY26 outlook had Africa at 25% of group adjusted EBITDA after leases. Germany was at 37%, the UK at 17%. Africa service revenue grew 12.9%, compared to just 0.1% in Europe, per the same presentation.
Vodafone pointed to its Africa business in a recent slide, noting a population of 596 million across eight markets, 243 million mobile users, 103 million using financial services, and €2 billion in FY26 fintech revenue. The company said Africa was 20% of group service revenue before Safaricom.
Shares still aren’t seeing much credit from investors. The stock is trading 24.03% under its 52-week high of £1.31 hit May 21, MarketWatch says. Analyst opinion is split. LSEG numbers via Investors’ Chronicle, as of June 25, show one buy, six outperform, seven hold, five sell and one strong sell. The 12-month median target is 112p, about 12% above Tuesday’s close.
BT Group plc (LON:BT.A) slipped 3.11% despite news Monday it will merge its international enterprise unit with Verizon Communications Inc NYSE:VZ. The two said they’re creating a 50:50 joint venture with around $4 billion a year in revenue, and Verizon will pay BT a $625 million equalisation fee.
Vodafone’s Q1 FY27 update lands July 27, with the company set to pay out its final FY26 dividend—2.3625 euro cents a share—on July 30, per its investor calendar.
