(Bloomberg) — Telecel Group said it’s in talks with Ghanaian authorities to get approvals for a deal to buy Vodafone Group Plc’s operations in the West African country.
The company said it has signed a sales agreement with Vodafone for its operations in Ghana, as the British telecommunications giant looks to refocus on key markets. It has not received approvals for the deal yet, it said.
“Telecel 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,” Telecel said in a statement on Wednesday.
Read More: Vodafone Agrees to Sell Stake in Ghana Operations to Telecel
Telecel will fund the acquisition with its partners, and the potential sale of Vodafone Ghana’s towers aren’t being considered as part of the the deal funding, it said.
The company plans to spend about $500 million in the first three years to expand and refinance Vodafone’s network across the country.
Vodafone entered Ghana in 2008 when it paid the west African county’s government $900 million for 70% of Ghana Telecommunications Co. The government retains a 30% holding in the business.
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