The National Communications Authority (NCA) has approved the transfer of 70% of Vodafone Ghana’s shares to the Telecel group.
It explained in a press release on Monday that this is subject to Telecel group concessions and representations to the NCA.
This is in response to the Authority’s evaluation of the Telecel Group’s revised proposal.
Vodafone International Holdings B.V. owns the Vodafone Ghana shares.
The NCA received an application from Vodafone Ghana in January of last year for the transfer of 70% of its majority shares held by its mother company to Telecel.
“In accordance with due process, the Authority evaluated the application on various criteria and engaged both Vodafone Ghana and Telecel group. The NCA concluded that the request did not meet the regulatory threshold for approval to be granted.
“Following the decision, Vodafone International Holdings B.V resubmitted a revised financial and technical proposal in December 2022, demonstrating the necessary capital investment to extend 4G deployment and launch innovative Fintech solutions,” the NCA stated.
The NCA said it “found that the revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from both International Holdings B.V and Telecel group.
“In addition, the Telecel group has strengthened its overall governance and management team, as well as made firm commitments to meeting the NCA’s regulatory requirements.”
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Based on the foregoing, the Authority confirmed that “the revised proposal from Vodafone International Holdings B.V now meets the regulatory threshold and thus has granted conditional approval for the transfer of shares to the Telecel group, including the submission of employee retention strategies.”
The NCA assured the general public and all stakeholders that it would continue to work with Vodafone Ghana and the Telecel group to complete all outstanding regulatory requirements to ensure a smooth transition, continuity of service delivery, and improved consumer choice and industry competition.
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