(Bloomberg) — Telecel Group, headed by French tycoon Hugues Mulliez, 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 in an all-cash deal.
The company said in a statement on Wednesday it’s signed a sales agreement with Vodafone for its operations in Ghana, as the British telecommunications giant looks to refocus on key markets. It hasn’t received approvals for the deal yet.
Read More: Vodafone Agrees to Sell Stake in Ghana Operations to Telecel
The tycoon, who’s a shareholder in the Association Familiale Mulliez — owner of French retailers including Decathlon and Leroy Merlin — will fund the acquisition with Telecel’s partners. The potential sale of Vodafone Ghana’s towers aren’t being considered as part of the the deal funding.
Telecel 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 government $900 million for 70% of Ghana Telecommunications Co. The state retains a 30% holding in the business.
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