British cellphone giant Vodafone said on Monday it had completed the purchase of a 70% stake in state-run Ghana Telecommunications.
”Further to the … approval from the Ghanaian Parliament, Vodafone announces today [Monday] that it has completed the acquisition of a 70% stake in Ghana Telecom for $900-million,” a statement said.
Last week, the Ghanaian Parliament ratified the controversial sale, which the country’s opposition had argued was a sell-out.
The purchase sees the government of Ghana retain a 30% holding.
The deal values the nation’s leading fixed-line operator at about $1,3-billion.
In recent years, Vodafone has sought aggressive expansion into emerging markets in Asia and Africa, as it looks to combat weakening sales and fierce competition in Western markets.
Ghana Telecom is the West African country’s third largest cellphone group with 1,4-million customers, or 17% of the market. — Sapa-AFP