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South Africa's Vodacom group to buy 34.94 pct stake in Safaricom for $2.6 bln
May 15, 2017 / 6:17 AM / in 2 months

South Africa's Vodacom group to buy 34.94 pct stake in Safaricom for $2.6 bln

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JOHANNESBURG, May 15 (Reuters) - South African telecoms operator Vodacom said on Monday it will buy a 34.94 percent stake in Kenya's Safaricom from Vodafone for 34.6 billion rand ($2.59 billion).

Safaricom, which is 40 percent owned by Britain's Vodafone not only has Kenya's biggest number of subscribers, it also dominates the country's thriving mobile-based financial services sector with its innovative M-Pesa platform. ($1 = 13.3415 rand) (Reporting by Nqobile Dludla, editing by Louise Heavens)

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