The transfer of Vodafone International Holdings B.V.’s 70% ownership of Vodafone Ghana to Telecel Group has been approved by the National Communications Authority (NCA).
In a statement released on Monday, the NCA said that after reviewing a revised proposal from the Telecel Group, it was now pleased with it. As a result, it gave conditional approval for the transfer of shares to the Buyer.
“…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 towards meeting the regulatory requirements of the NCA.
“Based on the above, the NCA confirms that the revised proposal from the Buyer now meets the regulatory threshold and hence has granted a conditional approval for the transfer of shares to the Buyer including submission of strategies for employee retention,” NCA stated
It further stated that, “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 and improved choice for consumers and competition within the industry.”
It should be recalled that the NCA received a request from Vodafone Ghana in January 2022 for the sale of 70% of the seller’s ownership interest in the company’s majority shares to the buyer.
The plan was rejected by the Authority after a thorough evaluation of the application based on a number of criteria since it did not meet the legal requirements for approval.