Vodafone acquires 70% of Ghana Telecom

Vodafone has today announced today that it has agreed to acquire a 70% stake in Ghana Telecom

from the government of Ghana for a total consideration of US$900m (€566m, on a debt-free, cash-free basis, implying a total enterprise value for Ghana Telecom of approximately US$1.3bn (€808m).

The government of Ghana will retain a 30% stake in the company.

Commenting on the transaction, Arun Sarin, chief executive of Vodafone, said: "Ghana is one of the most attractive markets in Africa with mobile subscribers growing at more than 55% pa and mobile penetration around 35%.

"Our extensive operating experience together with our portfolio of products and services position us well to deliver a superior mobile experience to Ghanaian customers and significantly improve financial performance. I expect that our investment will generate substantial benefits for Vodafone and for the Ghanaian economy and we are delighted that we will be working in partnership with the government of Ghana."