Telecommunication firm, Vodafone Plc, has agreed to sell its Ghana’s business to to Telecel Group.
This is part of the British telecommunications giant to refocus on key markets.
According to Bloomberg, the London-listed company will sell its majority stake in Vodafone Ghana to Africa-focused Telecel, subject to certain conditions.
Vodafone entered Ghana in 2008 when it acquired 70% stake of Ghana Telecommunications Company for $900 million.
Telecel plans to help fund the acquisition by later offloading the Ghana business’s mobile towers, according to people familiar with the matter, who asked not to be identified discussing confidential information.
A representative for Telecel confirmed the talks with Vodafone, but declined to comment further.
Nick Read, Vodafone’s Chief Executive Officer, has been focusing the group on Europe and Africa as he streamlines a sprawling operation that once extended from its Newbury, England headquarters all the way to New Zealand.
In Africa, Vodafone has been steadily consolidating interests under its sub-Saharan subsidiary Vodacom Group Ltd., of which it owns 60.5%.
Vodafone explored a sale of its Ghanaian business to Vodacom in early 2021 and, while that deal did not materialise, transfered a 55% holding in its Egyptian operations to the group later in the year.
Founded in 1986, Telecel operates in more than 30 countries and employs over 700 staff, according to its website.
The company has a history of growth through acquisitions, having struck deals in Gibraltar, Liberia and Mauritania in recent years.
Latest Stories
-
PPDC spearheads Africa’s AI development at DRIF24 forum
3 mins -
Ripoti App launched to empower journalists, others to tackle digital rights violations in Africa
19 mins -
Ground-breaking health investment charter to tackle worker shortages in Africa
24 mins -
From Mortuary to Matrimony: Feature on how couple’s love journey brewed at the morgue airs on Joy Prime
38 mins -
Ghana’s LPG prices rank among the highest globally – LPG Marketers Association
46 mins -
Filth Exhibition: Residents near Korle Gonno bear the brunt of nationwide filth
59 mins -
We’ve not selected NPP members as returning officers – EC replies Mahama
1 hour -
We’ll not honour any invitation – ECG tells Ashanti Regional Minister
2 hours -
Dumsor vigil to hit Accra
2 hours -
Supreme Court rule for dual citizens to hold other key positions laudable – Kwaku Asare
2 hours -
‘No one is above the law’ – CAF president on match-fixing allegations against Samuel Eto’o
2 hours -
Manchester City thrash Brighton to go second in table
2 hours -
NDC’s running-mate speech proves readiness to lead – Asah-Asante
3 hours -
Further win for nibima as another KNUST study supports medicinal prowess
3 hours -
World Bank’s food price index eases; maize, wheat prices hit 3-year low
4 hours