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VOD Nears Ghana Deal

Michelle Donegan
Wireless Bits
Michelle Donegan
6/30/2008

9:00 AM -- Vodafone Group plc (NYSE: VOD) is closing in on a majority stake in Ghana Telecom , according to a report in the Guardian. The operator is expected to announce this week that it has bought 66.7 percent of Ghana Telecom for $960 million. (See Top Ten: Emerging Markets Carriers and Vodafone Eyes Emerging Acquisitions.)

Vodafone is busy in Africa these days. The operator is also trying to increase its 50 percent stake in Vodacom Pty. Ltd. Vodafone is in talks with Telkom SA Ltd. (NYSE/Johannesburg: TKG), which owns the other 50 percent of Vodacom, to buy an additional 12.5 percent stake in the firm. Vodafone has reportedly offered Telkom SA $2.45 billion for the share of Vodacom. (See M&A Speculation Swirls Spice, Telkom and Telkom SA Fields Another Takeover Bid.)

— Michelle Donegan, European Editor, Unstrung

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