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Vodafone Buys 70% of Ghana Telecom for $900 Million

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Vodafone Group Plc, the world's biggest mobile-phone company, agreed to buy a 70 percent stake in Ghana Telecommunications Co. from the government for $900 million to expand in one of Africa's fastest-growing markets.

The deal values Ghana Telecom at about $1.3 billion and the government of Ghana will retain a 30 percent stake, Newbury, England-based Vodafone said in an e-mailed statement today. Ghana Telecom posted 2007 earnings before interest, taxes, depreciation and amortization of $42 million on sales of $290 million, Vodafone said.