Vodafone agrees to sell stake in Ghana operations to Telecel
The London-listed company will sell its majority stake in Vodafone Ghana to Africa-focused Telecel, subject to certain conditions
Vodafone Plc has agreed a sale of its operations in Ghana to Telecel Group, as the British telecommunications giant looks to refocus on key markets.
The London-listed company will sell its majority stake in Vodafone Ghana to Africa-focused Telecel, subject to certain conditions, a spokesperson for Vodafone said in an emailed statement .
Vodafone entered Ghana in 2008, paying government US $900 million for 70% of Ghana Telecommunications Co. The government retained a 30% holding in the business.
Vodafone clocked first-quarter revenue growth of 1.6% year-on-year to €11.28 billion, mainly driven by service revenue growth in Europe and Africa
Telecel plans to help fund the acquisition by offloading the Ghana business’s mobile towers later.
Founded in 1986, Telecel operates in over 30 countries.
