British mobile phone company Vodafone Group Plc (VOD, VOD.L) on Monday announced the completion of its acquisition of a 70% stake in Ghana Telecommunications Co. Ltd. for a total consideration of US$900 million, or GBP 483 million, on a debt-free, cash-free basis.
The Ghanaian Parliament approved the transaction on August 14, while the acquisition was announced on July 3. The transaction implied a total enterprise value for Ghana Telecom of approximately US$1.3 billion, or GBP 646 million. The Government of Ghana will retain a 30% stake in the company.
Ghana's mobile subscribers are growing at more than 55% per annum, with a mobile penetration of around 35%.
VOD closed Friday's trading at $26.06, down $0.13, on a volume of 1.59 million shares.
VOD.L is trading at 138.95 pence on the LSE, down 0.70 pence, on a volume of 8.64 million shares.
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