A statement issued by the NCA on Monday said it’s now satisfied with a revised proposal from the Telecel Group after evaluation hence the conditional approval for the transfer of shares to the Buyer.
“…the Buyer resubmitted a revised financial and technical proposal in December 2022 which demonstrated the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions. The NCA found that the revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from both the Seller and Buyer. In addition, the Buyer has strengthened the overall governance and management team and made firm commitments towards meeting the regulatory requirements of the NCA.
“Based on the above, the NCA confirms that the revised proposal from the Buyer now meets the regulatory threshold and hence has granted a conditional approval for the transfer of shares to the Buyer including submission of strategies for employee retention,” said the NCA.
It further assured, “the general public and all stakeholders that it would continue to work with Vodafone Ghana and the Buyer to complete all outstanding regulatory requirements to ensure a smooth transition as well as continuity of service delivery and improved choice for consumers and competition within the industry.”
It would be recalled that in January 2022, the NCA received an application from Vodafone Ghana for the transfer of 70% of its majority shares held by the Seller to the Buyer.
The Authority in accordance with due process evaluated the application on various criteria and shot down the proposal because the request did not meet the regulatory threshold for approval to be granted.