Vodafone Group is selling its majority shareholding in its Ghana business to Africa-focused telecoms service and technology provider Telecel Group. Vodafone first teased the deal in 2021, according to Bloomberg, which reported that the move was part of the U.K.-based carrier’s reorganization process.
Vodafone purchased a 70% stake in the Ghana business in 2008 for $900 million from the country’s government, which still owns the remaining 30%. Then in December 2019, Vodafone Ghana announced the acquisition of all of the Vodacom Group’s stake in Vodacom Business Ghana. As of 2020, the unit had roughly 9.3 million mobile voice subscribers, representing 13.81% of the Ghanaian market share.
In a statement, Vodafone commented: “Customers, employees, suppliers and other stakeholders of Vodafone Ghana should be assured that we are continuing with business as usual.”
Last November, Vodafone sold a 55% stake in its Egypt unit to South Africa’s largest mobile operator by subscribers Vodacom Group for $2.74 billion. The deals marked Vodacom’s first expansion into North Africa. In a statement, Vodafone said around 80% of the deal would be settled through issuing 242 million new ordinary shares in Vodacom, while the remaining 20 would be settled in cash.
The latest deal is subject to certain conditions and financial terms were not disclosed.