Celtel to acquire majority stake in Westel in Ghana

Celtel International, a subsidiary of Zain (formerly named the MTC Group) announced today it has signed an agreement to acquire 75% of Western Telesystems Ltd (Westel) from the Government of Ghana for USD 120 million. The Government of Ghana remains a shareholder in Westel with a 25% holding through the Ghana National Petroleum Corporation. The transaction is subject to standard approvals and authorizations and is expected to conclude quickly.