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Celtel buys Ghana telecom firm at $120m

By Vision Reporter

Added 24th October 2007 03:00 AM

CELTEL International, the parent company of Celtel Uganda, has signed an agreement to acquire 75% of Western Telesystems Ltd (Westel) from the Government of Ghana for $120m.

CELTEL International, the parent company of Celtel Uganda, has signed an agreement to acquire 75% of Western Telesystems Ltd (Westel) from the Government of Ghana for $120m.

By Vision Reporter

CELTEL International, the parent company of Celtel Uganda, has signed an agreement to acquire 75% of Western Telesystems Ltd (Westel) from the Government of Ghana for $120m.

The Government of Ghana will, however, remain a shareholder in the company with a 25% stake through the Ghana National Petroleum Corporation.
The transaction is subject to standard approvals and authorisations, the company said in a statement.

The dealt is expected to conclude quickly.
Celtel is a subsidiary of Zain Group, formerly MTC Group.

Westel is the second national operator in Ghana and is licensed to provide fixed and mobile telecommunications services.
The Zain Group aims to launch enhanced telecoms services nationwide in the
first half of 2008.

Saad al Barrak, Zain’s CEO said: “We are very excited to enter Ghana, one of the most important markets in Africa. We look forward to offering Ghanaians the quality telecommunications services which we provide in all the countries in which we operate.”

“Based on our pan-African experience we are confident that the increased competition in telecommunications will benefit the people of Ghana and support the already robust national economy of the country.”

Celtel will be investing millions of dollars in a state-of-the art telecommunications network and associated services to offer its unparalleled experience as a pan-African operator.

The company also looks forward to promoting Ghana as a gateway to West Africa through its popular One Network, the world’s first borderless network, according to the press statement.

Celtel buys Ghana telecom firm at $120m

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