Safaricom—Kenyan High Court declared Vodacom's KES 204.3 billion purchase of government's 15% Safaricom stake unconstitutional, ordered reversal

On September 15, 2026, a three-judge bench of Kenya's High Court (Justices Francis Gikonyo, Roselyn Aburili and Teresia Wanjiku) declared null and void the Kenyan government's sale of a 15% Safaricom stake to Vodacom for KES 204.3 billion (plus KES 40.2 billion paid in advance against future dividends), part of the June 30, 2026 transaction that raised Vodacom's Safaricom ownership from roughly 35% to 55%. The court found the transaction violated the Constitution through inadequate public participation, concealment of material information from the public and Parliament, an arbitrary pricing process, failure to address national-security concerns, and mischaracterizing what was effectively a takeover as a partial divestiture. Kenya's Court of Appeal fast-tracked the government/Vodacom's substantive appeal on October 13, 2026 rather than ruling separately on a stay request; as of the sweep date, Vodafone Kenya remains the registered shareholder and the purchase money remains held pending the appeal, so the July 31, 2026 governance changes handing Vodacom expanded board and CEO-nomination control remain in place but legally unresolved.