We are not blocking sale of Vodafone Ghana to the Telecel Group – NCA
The National Communications Authority (NCA) has discredited reports that it is impeding the sale of Vodafone Ghana to the Telecel Group.
Media reports last week revealed that Vodafone Plc had agreed on a sale of its operations in Ghana to Telecel Group, as the British telecommunications giant looks 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.
Nick Read, Vodafone’s Chief Executive Officer, according to the report 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 per cent.
Vodafone explored a sale of its Ghanaian business to Vodacom in early 2021 and, while that deal did not materialise, transferred a 55 per cent holding in its Egyptian operations to the group later in the year.
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.
Vodafone entered Ghana in 2008 after acquiring 70 per cent of Ghana Telecommunications Company for $900 million.
According to the press release by the NCA, in accordance with due process, it evaluated the application on various criteria and engaged both entities.
After a critical regulatory review and evaluation, the NCA concluded that the request did not meet the regulatory threshold for approval to be granted.
It however stressed that it only endeavoured to ensure compliance with the regulatory framework and international best practices.
BY TIMES REPORTER