The Telecel Group says the potential sale of Vodafone Ghana's towers are not part of a funding arrangement to acquire a 70 per cent stake in Vodafone Ghana.
Telecel in a statement issued today confirmed that it had signed a Sale and Purchase Agreement (SPA) with Vodafone to acquire a majority stake in Vodafone Ghana.
The statement added that Telecel will re-engage the government of Ghana over its takeover bid after an earlier application to take over Vodafone Ghana was denied.
"Telecel Group and Vodafone have been in touch with Ghana’s Ministry for Communications, Bank of Ghana, and the National Communications Authority, to finalise all the regulatory requirements related to this transaction," the statement said.
"We have received their responses which have not granted the approvals yet and Telecel is willing to re-engage soon after putting together the necessary clarifications.
"The acquisition is fully financed by Telecel Group and its partners. Telecel confirms that the potential sale of Vodafone Ghana Towers is not part of the acquisition funding.
"Telecel hopes to successfully conclude this transaction and looks forward to engaging with staff and customers, who are important to the business".
A Bloomberg report indicated that Telecel plans to spend about $500million in the first three years to expand and refinance Vodafone's network across Ghana.
Vodafone entered Ghana in 2008 when it acquired 70 percent stake of Ghana Telecommunications Company for $900 million. The state retains 30 percent shares in the company.
The Telecel Group is headed by French tycoon Hugues Mulliez, a shareholder in the Association Familiale Mulliez - owner of French retailers including Decathlon and Leroy Merlin.
Telecel Group has already made investments in Ghana as part of the Africa Startup Initiative Program “ASIP”, and it intends to spend around 500 million USD in the first three years to expand and refinance Vodafone's network across the country.
It operates in four different lines of business all under the telecom industry: (1) Telecel Mobile, which owns and operates several mobile operators in Africa and Europe; (2) Telecel Global Services, which provides wholesale, enterprise, and digital security services to telecom operators and enterprises worldwide; (3) Telecel Play, a digital platform that is digitizing mobile users; and (4) Africa Startup Initiative Program supports innovative startups in Africa and provides these innovative startups with the funding and guidance to scale up.