<\/p>\n
Telecel Group, headed by French tycoon Hugues Mulliez, said it\u2019s in talks with Ghanaian authorities to get approvals for a deal to buy Vodafone Group Plc\u2019s operations in the West African country in an all-cash deal.<\/p>\n
The company said in a statement on Wednesday it\u2019s signed a sales agreement with Vodafone for its operations in Ghana, as the British telecommunications giant looks to refocus on key markets. It hasn\u2019t received approvals for the deal yet.<\/p>\n
The tycoon, who\u2019s a shareholder in the Association Familiale Mulliez — owner of French retailers including Decathlon and Leroy Merlin — will fund the acquisition with Telecel\u2019s partners. The potential sale of Vodafone Ghana\u2019s towers aren\u2019t being considered as part of the the deal funding.<\/p>\n
Telecel plans to spend about $500 million in the first three years to expand and refinance Vodafone\u2019s network across the country.<\/p>\n
Vodafone entered Ghana in 2008, when it paid the government $900 million for 70% of Ghana Telecommunications Co. The state retains a 30% holding in the business.<\/p>\n
Source: Bloomberg <\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Featured Video\n<\/p>\n\n
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