Vodafone to acquire 70% of Ghana Telecom

Africa has been shaping up as a rapidly strengthening market and one that is baiting service providers from around the world to chase a piece of the action. Vodafone Group is poised to get one of the most potentially lucrative pieces, as the company said today that it will acquire a 70% stake in Ghana Telecommunications from the government of Ghana for $900 million. The government will retain a 30% stake in the company.

The deal includes a mobile subscriber base that is 55% per year, but with about 35% penetration, has much more room to zoom. A less obvious, but intriguing, element of the acquisition of the fiber-network assets that also had been owned by the government. Mobile giant Vodafone has shown previous interest in acquiring wireline assets and companies where it makes sense. The mobile carrier said the deal is likely to close in the third quarter.

For more:
- read this story at The Wall Street Journal