General News
NCA approves transfer of majority shares in Vodafone Ghana to Telecel
This is subject to concessions by the seller and representations made by the buyer to the NCA.
The National Communications Authority (NCA) has granted conditional approval for the transfer of 70% majority shares in Ghana Telecommunications Company Limited (Vodafone Ghana) held by Vodafone International Holdings B.V. to Telecel Group.
This is subject to concessions by the seller and representations made by the buyer to the NCA.
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.”
It assured the general public and all stakeholders that it would continue to work with Vodafone Ghana and the buyer to complete all outstanding regulatory requirements to ensure a smooth transition, as well as continuity of service, delivery.
It would be recalled that in January 2022, the NCA received an application from Vodafone Ghana for the transfer of 70% of its majority shares held by the seller to the buyer.
The National Communications Authority evaluated the application on various criteria and engaged both Vodafone Ghana and the Buyer.
The NCA at the time concluded that the request did not meet the regulatory threshold for approval to be granted.
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.
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Source: citinewsroom.com
