In January 2022, the National Communications Authority received an application from Vodafone Ghana for the transfer of 70 per cent of its majority shares held by the Seller to the Buyer.
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In accordance with due process, the authority said it evaluated the application on various criteria and engaged both Vodafone Ghana and the buyer.
The NCA said it concluded that the request did not meet the regulatory threshold for approval to be granted.
Following the NCA’s decision, the buyer resubmitted a revised financial and technical proposal in December 2022 which demonstrated the needed capital investment to the extend the deployment of 4G and launch innovative Fintech solutions.
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“The NCA found the revised proposals provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from both the Seller and the Buyer,” a statement said.
It added that ” in addition, the buyer has strengthened the overall governance and management team and made firm commitment 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 submissions of strategies for employee retention.”
The NCA would like to assure 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”, the statement said