Vodacom Group announces that its proposed R35 billion acquisition of an effective 35% stake in Kenya's Safaricom has been finalised.

In a statement issued today, the mobile network operator said all regulatory approvals and conditions precedent in both Kenya and South Africa have now been met.

"At a General Meeting held on 18 July 2017, shareholders overwhelmingly approved the proposed acquisition by Vodacom of an indirect interest of 34.94% in Safaricom Limited and the issue of 233 459 781 new ordinary shares in the company to Vodafone. The allotment and issue of 233 459 781 new ordinary shares to Vodafone took effect today, as well as the listing of these shares on the JSE," read a statement.

Vodacom Group Chief Financial Officer Till Streichert, said: "Vodacom is pleased to announce that the Safaricom transaction, which is the largest in our company's history, has now been finalised. This will provide both businesses with opportunities for growth, as well as enable Vodacom shareholders to access a strong performing business in East Africa in a high growth market. We expect this transformational transaction will enhance our position as a leading African mobile communications company, providing the Group with the perfect opportunity to diversify our financial profile."

In May Vodacom confirmed to terms governing the purchase of a 34.94% stake in Safaricom, with CEO Shameel Joosub emphasising that the acquisition would provide its shareholders with access to a high growth, high margin and high cash generation business – and the opportunity to drive M-Pesa adoption.

A month later Vodacom announced it had received a letter of support for the acquisition from a major shareholder – the Public Investment Corporation (PIC), which includes the Government Employees Pension Fund, and holds a 15.63% interest in the Vodacom Group.

Bob Collymore, CEO of Safaricom, said, "The agreement Vodafone Group has reached with the Government of Kenya will ensure Safaricom continues to have strong Kenyan representation at Board and management levels, and promotes the continued successful expansion of the company as well as the opportunity to drive M-Pesa to other markets in the continent."