Telecel Group has completed the purchase of a 70 percent shareholding in Vodafone Ghana.
The transaction received regulatory approval and agreement from the Government of Ghana, which will retain its 30 percent minority stake.
“The final approval follows satisfaction of conditions outlined in the conditional approval of the transfer of the shares, including agreement of the Government of Ghana, which remains the 30 percent minority shareholder,” telco regulator National Communications Authority (NCA) said in a press release announcing the takeover.
The deal ushered in another major change for the Ghanaian telecommunications company since 2008, when Vodafone Group Plc purchased a controlling interest in the then Ghana Telecommunications Company Limited (GTCL) and established Vodafone Ghana.
It will be recalled that the NCA earlier this year granted ‘conditional approval’ for transfer of the company’s majority shares to Telecel Group subject to concessions made by the Vodafone Group Plc (seller) and representations made by the Telecel Group to the Authority.
This was after Telecel Group resubmitted a revised financial and technical proposal in December 2022, demonstrating the needed capital investment to extend the deployment of 4G and launch innovative fintech solutions; as well as more clarity and certainty in terms of the funding required for the acquisition and commitments from both the seller and buyer.
Telecel Group also strengthened its overall governance and management team and made firm commitments toward meeting the regulatory requirements of the NCA, leading to conditional approval being granted for the transfer of shares to the buyer, including the submission of strategies for employee retention.
Commenting on the development, Margherita Della Valle, Chief Executive of Vodafone Plc said: “The sale of Vodafone Ghana to Telecel Group is a further step in simplifying Vodafone’s African portfolio. Since entering the market in 2008, Vodafone has helped to develop Ghana’s critical network infrastructure supporting customers, businesses and communities”.
Malek Atrissi, Telecel Group’s Chief Operating Officer, said the acquisition is a testament to the group’s enthusiasm and positive outlook for the Ghanaian market, which they view as a vital market with unlimited potential for digitalisation and innovation in Africa.
“Telecel Group is eager to develop and bring forward-thinking offerings to our subscribers, enterprises and communities in Ghana. We look forward to a transformation journey of Vodafone Ghana with the contribution and growth of its human capital,” he said.
Vodafone Ghana’s Chief Executive Officer, Patricia Obo-Nai, said it is certain that the company will, without fail, deliver excellence across all facets of the business and provide customers with innovative products and services despite the new ownership structure.
“We embrace this change as an opportunity for us to explore new and exciting areas of growth,” she said.
Telecel Group is an Africa-focused telecommunication firm with a diverse approach in the telecom space driven by digitalisation and innovation.
It has successfully established itself as a key service provider for both mobile users and enterprises, focusing on selected areas of development to ensure significant future growth on the African continent. Telecel is also an anchor for supporting startups with its African Startup Initiative Programme.