The National Communications Authority (NCA) has granted provisional approval for the sale of Vodafone Ghana to Telecel Group.
According to the NCA, it granted a conditional approval after examining a revised agreement presented by the parties.
“The NCA is pleased to announce that pursuant to the evaluation of the revised proposal from the Telecel Group, it has granted approval for the transfer of the 70% majority shares in Ghana Telecommunications Company Limited (Vodafone Ghana) held by Vodafone International Holdings B.V. to Telecel Group subject to concessions made by the Seller and representations made by the Buyer to the NCA,” a statement from the NCA said.
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.
In accordance with due process, the NCA said it evaluated the application on various criteria and engaged both Vodafone Ghana and the Buyer.
The NCA concluded that the request did not meet the regulatory threshold for approval to be granted.
Following the NCA’s decision, the Telecel 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 said 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 towards meeting the regulatory requirements of the NCA”.
Source: Myjoyonline
