The African subsidiary of British multinational Vodafone is set to take over 35 per cent ownership of Safaricom in a share swap deal that could pave the way for a more rapid spread of M-Pesa across the continent.
Vodafone, which currently owns 40 per cent of Safaricom #ticker:SCOM, Monday announced it will cede majority of its stake in return for new ordinary shares in Vodacom for an estimated Sh266.6 billion (€2.4 billion).
