Telecel Group confirms that it has signed a Sale and Purchase Agreement (SPA) with Vodafone to acquire a 70% percent stake in Vodafone Ghana. The agreement is currently pending regulatory approval.
Telecel Group and Vodafone have been in touch with Ghana’s Ministry for Communications, Bank of Ghana, and the National Communications Authority, to finalize all the regulatory requirements related to this transaction. We have received their responses which have not granted the approvals yet and Telecel is willing to re-engage soon after putting together the necessary clarifications.
The acquisition is fully financed by Telecel Group and its partners. Telecel confirms that the potential sale of Vodafone Ghana Towers is not part of the acquisition funding.
Telecel hopes to successfully conclude this transaction and looks forward to engaging with staff and customers, who are important to the business.
Telecel’s business model is unique, which focuses its strengths on overcoming challenges through disruptive innovation. Ghana’s business climate suits the business models of Telecel Group and was the key enabling factor based on which the Group was able to reach an agreement with Vodafone. Telecel Group has already made investments in Ghana as part of the Africa Startup Initiative Program “ASIP”, and it intends to spend around 500 million USD in the first three years to expand and refinance Vodafone’s network across the country.