Vodafone sells Ghanaian subsidiary amid ongoing restructuring
Newbury-based Vodafone has announced the sale of its 70 per cent stake in Vodafone Ghana to Telecel Group.
Having received approval and agreement from the Ghanaian government, which will retain its 30 per cent minority shareholding, the deal has now been finalised.
Margherita Della Valle, Chief Executive of Vodafone, said: "The sale of Vodafone Ghana to Telecel Group is a further step in simplifying Vodafone's African portfolio. Since entering the market in 2008, Vodafone has helped to develop Ghana's critical network infrastructure supporting customers, businesses and communities."
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It is part of a number of recent moves by the beleaguered telecoms giant to simplify its sprawling business in response to continuing difficulties for the business.
Since November last year, when Vodafone cut its full-year expectations, CEO Nick Read stepped down in December, with the search for his replacement still ongoing.
Last month (January) Vodafone announced the sale of its Hungarian arm, Vodafone Hungary, for €1.7 billion, and then later in the month it announced plans to cut hundreds of jobs in an effort to lower costs as well as a sale and partial leaseback on its Newbury headquarters.
However, earlier this month US-based Liberty Global bought £1.2 billion worth of shares in the firm, with reports suggesting Vodafone's financial position is expected to improve this year.
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