Nick Read, who took over as Vodafone chief executive in 2018, has laid the ground to separate the company’s huge tower business into an independent company, a move that has lifted the company’s flagging stock price by about 10 per cent. Analysts see M-Pesa, like the towers, as an under-exploited asset on Vodafone’s balance sheet. Shareholders attribute it little value because they regard it as a small part of a mature telecoms company rather than as a pioneering fintech business.

https://www.ft.com/content/c2bd2a8e-e07d-11e9-9743-db5a370481bc