Vodafone to acquire 70 per cent of Ghana Telecom (Ghana)

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Vodafone to acquire 70 per cent of Ghana Telecom (Ghana)

August 15, 2008

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Vodafone is to acquire a 70 per cent stake in Ghana Telecommunications Company from the Government of Ghana for $900 million on a debt-free, cash-free basis. The Government of Ghana will retain the remaining 30 per cent stake in the company. The deal values Ghana Telecom at approximately $1.3 billion.

Vodafone plans to leverage its experience in network deployment in emerging markets, and its brand and customer propositions such as M-PESA and ultra-low-cost handsets, to accelerate Ghana Telecom's growth.

Meanwhile, as part of the transaction, the Government of Ghana will transfer its fibre network assets to Ghana Telecom.

Vodafone expects the transaction to close in the third quarter of 2008.