Vodafone completes purchase of Ghana Telecom stake

0 Comments | AFP, August, 2008

LONDON (AFP) — British mobile phone giant Vodafone said Monday it had completed the purchase of a 70-percent stake in state-run Ghana Telecommunications.

"Further to the ... approval from the Ghanaian Parliament, Vodafone announces today that it has completed the acquisition of a 70 percent stake in Ghana Telecom for 900 million dollars," or 610 million euros, a statement said.

Last week, the Ghanaian parliament ratified the controversial sale, which the country's opposition had argued was a sellout.

The purchase, worth 483 million pounds and announced last month, sees the government of Ghana retain a 30-percent holding.

The deal values the nation's leading fixed line operator at about 1.3 billion dollars.

In recent years, Vodafone has sought...