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Telecel Group to take over Vodafone shares in Ghana

by Radarr Africa
written by Radarr Africa

Vodafone, British telecom group has announced plan to sell its 70% stake in Vodafone Ghana to Telecel Group. 

The transaction, which is still subject to “certain conditions”, will allow the British giant to refocus on its key markets. According to Bloomberg, citing people familiar with the matter, “ Telecel plans to help fund the acquisition by later offloading the Ghana business’s mobile towers.” 

Vodafone entered the Ghanaian telecom market in 2008 by acquiring 70% stake in the incumbent operator Ghana Telecommunications Co for US$900 million. The government holds the remaining 30%.

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In 2021, Vodafone announced that it was considering selling its stake in the Ghanaian business to its African subsidiary Vodacom, as part of a reorganization process. In recent years, the Ghanaian subsidiary’s subscriber base has shrunk, going from 9,407,144 at the end of September 2019 to 7,882,497 at the end of February 2022, according to the local regulator. 

The deal is announced four months after Telecel bought Mauritanian-Tunisian Telecommunications Company (Mattel) for an undisclosed amount. If the new deal goes through, it will help strengthen its African footprint. 

Source: Ecofin Agency

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AfricaBusinessTelecommunications

Vodafone Sells its Ghanaian Operations to Telecel Group

by Radarr Africa
written by Radarr Africa

Vodafone has agreed to sell its operations (majority stake) in Ghana to Africa-focused Telecel Group. 

Telecel plans to help fund the acquisition by later offloading the Ghana business’s mobile towers. Vodafone entered Ghana in 2008 after paying the government $900 million for 70% of Ghana Telecommunications Co. Thus, the government retains a 30% holding in the business.

In Africa, Vodafone has been consolidating interests under its sub-Saharan subsidiary Vodacom Group Ltd., of which it owns 60.5%.

The company first explored the sale of its Ghanaian business to Vodacom in early 2021 and, although that deal did not materialize, it transfered a 55% holding in its Egyptian operations to the group later in the year. 

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Vodafone Group is a British multinational telecommunications company, with its global headquarters in Newbury, Berkshire, England. It predominantly operates services in Asia, Africa, Europe, and Oceania.

As of November 2020, the company owns and operates networks in 22 countries, with partner networks in 48 further countries. It has a primary listing on the London Stock Exchange, a secondary listing on Nasdaq, and is a constituent of the FTSE 100 Index.

SOURCE: The Kenya wall street

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