International telecommunications firm, Telecel say they will re-engage the government of Ghana over its takeover bid after an earlier application to take over Vodafone Ghana was denied.
The Telecel Group in a statement added that 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.
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Telecel confirmed that it had signed a Sale and Purchase Agreement (SPA) with Vodafone to acquire a majority stake in Vodafone Ghana.
"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.