Vodafone Completes Acquisition of 70% of Ghana Telecom

LONDON -(Dow Jones)- Vodafone Group, Sunday said it has completed the acquisition of a 70% stake in state-controlled fixed-line and mobile operator Ghana Telecom for $900 million on a debt-free, cash-free basis. Last week the Ghanaian parliament approved the sale, despite criticism from the opposition party who believe the shares are undervalued and say the deal isn't in the national interest.

Ghana Telecom is the leading fixed-line operator in Ghana with a 17% share of the mobile market, which Vodafone intends to increase to 25%.

-By Erica Herrero-Martinez, Dow Jones Newswires; +44 (0)20 7842 9353; erica.herrero-martinez@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 17th August 2008