Safaricom formally seeks shareholder approval for yu takeover

26 Aug 2014

Safaricom is formally seeking the approval of its shareholders to acquire various assets of Essar Telecom Kenya (yu) for KES6.9 billion (USD76.76 million). As such, the shareholder vote is expected to take place at the cellco’s annual general meeting on 16 September. According to Standard Media, the first step towards the realisation of the transaction – which will also see Airtel Kenya acquire yu’s user base – will see Safaricom fully acquire East Africa Tower Company from Essar for KES88 million; East Africa Tower Company manages Essar’s Kenyan base stations.

Kenya, Essar Telecom Kenya (yu), Safaricom