Vodafone Will Transfer 35% of Safaricom to Vodacom; Shares Undervalued
Vodafone announced on May 15 that it is transferring 35% of Safaricom to Vodacom, leaving it with a 5% indirect stake. This will increase Vodafone's stake in the enlarged Vodacom to 70% from 65%. Vodafone values the deal at EUR 2,361 million ($2,589 million). As this is just a movement of assets within the greater Vodafone empire, there is no change to our fair value estimate or narrow moat rating. However, we believe this closer alignment of two of Vodafone's assets could improve results over t...
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