Vodafone Completes $900 Million Purchase of Ghana Telecom Stake
By Nasreen Seria
Vodafone Group Plc, the world's largest mobile-phone company, said it's completed the purchase of a 70 percent stake in Ghana's state-owned phone company. The completion of the $900 million acquisition in Ghana Telecommunications Co. follows approval of the transaction by Ghana's parliament on Aug. 14, Newbury, England-based Vodafone said in an e-mailed statement today. The government will retain a 30 percent holding. The deal values Ghana Telecom, which posted 2007 earnings before interest, taxes, depreciation and amortization of $42 million on sales of $290 million, at about $1.3 billion. The number of mobile subscribers in Ghana is growing at more than 55 percent a year and mobile penetration is around 35 percent, Vodafone has said.
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