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 Ghana 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.
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 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.
Source: Bloomberg
