Vodafone Buying Ghana Telecom - Two Quick Thoughts

Vodafone (VOD) is buying 70% of Ghana Telecom for $900m. Ghana Telecom is the local incumbent and has:

• 379k fixed lines and 15k BB lines.
• 1.4m mobile subs, or a 17% market share.
• 2007 revenues of $290m and EBITDA of $42m.

Some quick thoughts:

• Obviously an emerging markets play, focused on mobile. The same motivation was found in the FT/TeliaSonera courting. So far, Vodafone has succeeded in making deals like these work. However, telcos are inclined to copy each other's strategies; how long before another bubble emerges (and bursts)?
• The fixed network that comes along fits Vodafones total communications strategy. Soon (post Verizon), the compnay may have a lot of cash to spend. Are they starting to back away from their original 'infrastructure-light' intentions/promises? Are they starting to reshape themselves into a full-service telco? Tele2 is doing something similar, except coming from a completely different background [CPS].