The transfer of Vodafone International Holdings B.V.’s 70% ownership stake in Ghana Telecommunications Company Limited (Vodafone Ghana) to Telecel Group has received conditional permission from the National Communications Authority (NCA).
This is dependent on the seller making certain adjustments and the buyer giving the NCA certain assurances.
The NCA in a statement confirmed that the revised proposal from the buyer “now meets the regulatory threshold and hence has granted conditional approval for the transfer of shares to the Buyer including the submission of strategies for employee retention.”
In order to ensure a smooth transition and service continuity, it gave the general public and all stakeholders the assurance that it would keep working with Vodafone Ghana and the buyer to complete all outstanding regulatory procedures.
It would be recalled that in January 2022, Vodafone Ghana submitted a request to the NCA for the sale of 70% of the company’s majority shares, which were held by the seller, to the buyer.
The Buyer and Vodafone Ghana were both involved in the National Communications Authority’s evaluation of the application based on numerous criteria.
At the time, the NCA came to the conclusion that the request did not satisfy the legal requirements for approval to be given.
Following the NCA’s decision, the buyer resubmitted a revised financial and technical proposal in December 2022 which demonstrated the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions.
The NCA found that the revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from both the Seller and Buyer.
In addition, the Buyer has strengthened the overall governance and management team and made firm commitments to meeting the regulatory requirements of the NCA.
Press Statement Telecel Vodafone Approval of Revised Share Transfer Proposal January 16 2023 by The Independent Ghana on Scribd