NCA Approves Vodafone Majority Share Transfer to Telecel
Joseph Anokye, Director General of NCA
The National Communications Authority (NCA) has approved the transfer of a 70 percent majority stake in Ghana Telecommunications Company Limited (Vodafone Ghana) held by Vodafone International Holdings BV to Telecel Group.
This is subject to concessions by the seller and representations made by the buyer to the NCA.
The NCA in a statement said it evaluated the application on various criteria and engaged Vodafone Ghana and the Buyer before reaching the decision.
It should be noted that in January 2022, the NCA received an application from Vodafone Ghana to transfer 70 percent of the majority shares held by the seller to the buyer.
The NCA at the time concluded that the request did not meet the regulatory threshold for approval.
Following the NCA’s decision, the buyer resubmitted a revised financial and technical proposal in December 2022 showing the capital investment required to extend 4G deployment and launch innovative Fintech solutions.
The NCA found that the revised proposal provided more clarity and certainty regarding the financing required for the acquisition and the commitment of the Seller and Buyer.
“NCA confirms that the revised proposal from the Buyer now meets the regulatory threshold and has therefore given conditional approval for the transfer of shares to the Buyer including the submission of a strategy for employee retention.”
In addition, the Buyer has strengthened its overall governance and management team and made a firm commitment to meet NCA regulatory requirements.
It assures the public and all stakeholders that it will continue to work with Vodafone Ghana and the buyer to fulfill all outstanding regulatory requirements to ensure a smooth transition, as well as continuity of service, delivery.
By Jamila Akweley Okertchiri
The post NCA Approves Vodafone Majority Share Transfer to Telecel appeared first on DailyGuide Network.
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