Vodafone Agrees To Sell Its Ghana Operations To Telecel: Report

Benzinga Real-time News ·  Jul 29, 2022 09:08
  • Vodafone Group Plc (NASDAQ:VOD) agreed to sell its operations in Ghana to Telecel Group, Bloomberg reports quoting a company email.
  • The financial terms of the transaction remain undisclosed.
  • Vodafone entered Ghana in 2008, paying the west African county's government $900 million for 70% of Ghana Telecommunications Co. The government retained a 30% holding in the business.
  • In Africa, Vodafone steadily consolidated interests under its sub-Saharan subsidiary Vodacom Group Ltd (OTC:VDMCY).
  • Vodafone CEO Nick Read focused the group on Europe and Africa as he streamlined a sprawling operation. 
  • Telecel plans to help fund the acquisition by offloading the Ghana business's mobile towers later.
  • Founded in 1986, Telecel operates in over 30 countries.
  • Vodafone clocked first-quarter FY23 revenue growth of 1.6% year-on-year to €11.28 billion, mainly driven by service revenue growth in Europe and Africa.
  • Price Action: VOD shares traded higher by 0.42% at $14.45 in the premarket on the last check Friday.
  • Photo via Wikimedia Commons
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