The management of Telecel Group, which is acquiring majority share in Vodafone Ghana, says it is re-engaging the National Communications Authority (NCA) for the relevant regulatory approval to finalise the deal.
The telecom conglomerate indicates that although an initial request for regulatory approval is yet to be granted, it is providing the necessary clarifications as required by the NCA.
A statement issued by the company today confirmed that it has signed a Sale and Purchase Agreement (SPA) with Vodafone to acquire a 70% percent stake in Vodafone Ghana, adding that the agreement is currently pending regulatory approval.
“Telecel Group and Vodafone have been in touch with Ghana’s Ministry for Communications, Bank of Ghana, and the National Communications Authority, to finalize all the regulatory requirements related to this transaction.
“We have received their responses which have not granted the approvals yet, and Telecel is willing to re-engage soon after putting together the necessary clarifications,” said the statement signed by Eleanor Azar, PR Officer.
According to the statement, “the potential sale of Vodafone Ghana Towers is not part of the acquisition funding” which is fully financed by Telecel Group and its partners.
“Telecel hopes to successfully conclude this transaction and looks forward to engaging with staff and customers, who are important to the business,” it noted. Telecel Group intends to invest around 500 million USD in the first three years to expand and refinance Vodafone’s network across the country.
Meanwhile, information reaching Techgh24 indicates the Vodafone Group is looking for another buyer since NCA claims the Telecel deal failed to meet regulatory requirement.