Canada-Based Rektron Group To Acquire Major Stake In Ghana’s AT Ghana

June 4, 2025 CUD Wontumi

Canadian multinational conglomerate Rektron Group Incorporated has announced plans to acquire a controlling 60 per cent equity stake in AT Ghana Limited, the telecommunications company currently owned by the government of Ghana.

The move marks Rektron’s strategic entry into the country’s telecoms sector, in partnership with local firm Afritel Ghana Limited.

The acquisition, which is still subject to regulatory approval and completion of due diligence, was unveiled on Wednesday (June 4, 2025) in a statement issued from Vancouver by Rektron. The company described the planned deal as part of a broader effort to diversify its global infrastructure portfolio and deepen its presence in emerging markets, particularly in Africa.

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“We are excited to take a significant stake in AT Ghana and appreciate the support of the Government of Ghana as we take a significant stake in AT Ghana,” said Atanas Kolarov, Chief Executive Officer of Rektron. “This aligns with our global vision to advance major infrastructure initiatives, foster innovation, and deliver value to consumers throughout the region.”

AT Ghana, formerly AirtelTigo, serves over 2.3 million customers nationwide and provides voice, data, mobile financial services, and enterprise connectivity solutions. It was nationalised in 2021 following the exit of its previous shareholders, Bharti Airtel and Millicom International Cellular, and has since operated under full government ownership.

Rektron will be working closely with Afritel Ghana, a locally owned telecommunications firm founded by Nana Richmond Aggrey, a pioneer of Ghana’s mobile sector and co-founder of Scancom Ghana (Areeba), which later became MTN Ghana. The Rektron-Afritel alliance is expected to combine global capital and expertise with deep local knowledge and experience.

“This partnership marks a major milestone in our mission to advance telecommunication services in Ghana,” said Nana Richmond Aggrey. “Through our strategic collaboration with Rektron bringing global best practices, strategic investment, and next-generation infrastructure—we will strengthen our mobile network, expand nationwide coverage, and modernise service delivery. These improvements will enable us to drive down the cost of mobile data while increasing speed, reliability, and access. By making affordable, high-quality connectivity available to customers across all regions—including remote areas—we will be empowering every Ghanaian to fully participate in the digital economy and benefit from the opportunities it brings.”

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According to Rektron, the acquisition will support its vision of building “resilient, connection-driven ecosystems across critical sectors.” The company said AT Ghana’s operational track record and established market presence provide a stable foundation for long-term value creation and cash flow growth. The investment will also enable AT Ghana to tap into Rektron’s financial strength and scale up infrastructure development.

The Government of Ghana, which currently holds 100 percent of AT Ghana, has expressed its full support for the deal. A Memorandum of Understanding (MoU) was signed between the government, Afritel, and Rektron on May 21, 2025, setting out a framework for the transaction.

In the official statement, Rektron highlighted the rapidly expanding digital landscape in Ghana as a key growth driver, noting that the country’s increasing demand for data services, digital inclusion, and fintech solutions made the telecoms sector a critical investment frontier.

The proposed acquisition, however, is still subject to a number of conditions, including the completion of satisfactory due diligence, finalisation of financial terms, signing of definitive agreements, and receipt of applicable regulatory approvals. Rektron has indicated that while the parties are working towards a successful close, “there can be no assurance that the Acquisition will be consummated.”

Rektron Group, listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange, is traditionally known for its investments in energy and infrastructure projects across emerging markets.

Source: Graphiconline