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Canadian multinational conglomerate Rektron Group Incorporated says it suspects a “possible sabotage” of its bid to acquire a majority stake in AT Ghana, following the government’s recent announcement of plans to restructure the struggling telecom operator through a merger with Telecel Ghana.
Rektron had in June 2025 expressed interest in acquiring 60% equity in AT Ghana, a move confirmed publicly by Communications, Digital Technology, and Innovations Minister Samuel Nartey George during his second-quarter media briefing. At the time, the minister said the government, which currently owns 100% of AT Ghana, was engaging Rektron and would update the public on the outcome.
But the government’s latest signals of pursuing an AT–Telecel merger have rattled Rektron, with the company now seeking clarification and potential redress.
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Rektron’s Concerns
Responding to Techfocus24, Rektron co-founder Sanjeev Tolia revealed that global audit firm KPMG had been appointed as transaction advisor to conduct due diligence on Rektron. According to him, Rektron submitted all requested documentation, including assurances to provide proof of funds.
“Unfortunately, after that there was complete silence, and instead we read of the proposed Telcel/AT transaction through the press,” Mr Tolia said. “From my vantage point, the timing of the Telecel announcement appeared somewhat precipitous, possibly intended to sabotage our efforts.”
He insisted Rektron’s credibility had been thoroughly tested, with “nothing adverse found”, adding, “It would have been far easier to question our credibility and reject us, but it is clear they could not do that.”
Government’s Rationale
Minister Samuel George has defended the potential merger, citing AT Ghana’s dire financial condition. The company recorded over $10 million in losses in the first eight months of 2025 alone, losses that he said were being covered by taxpayers.
“These are funds that should be building roads, water systems, and schools. We cannot keep pouring public money into unsustainable operations,” he argued.
AT Ghana also faces a debt of $123 million owed to ATC Ghana, the country’s leading tower company, which has threatened to shut down AT’s operations unless payments are made.
Telecel, which acquired Vodafone Ghana in 2023, has also struggled to gain market share, but the government says integration between the two networks is already far advanced, with technical migration 95% complete, human resource alignment underway, and commercial restructuring expected within 120 days.
Rektron’s $150m Offer
Rektron insists it is committed to rescuing AT Ghana and has tabled an offer of $150 million for a 60% stake. Mr Tolia dismissed the government’s estimate of a $600 million capital requirement, arguing that such an amount would only be necessary “in a phased manner over 3–4 years” as the business scales.
He stressed that Rektron, though primarily an infrastructure firm, is led by former Wall Street bankers with “deep restructuring and turnaround expertise” and has the capacity to raise well above $600 million from global capital markets if required.
Restructuring and Growth Plan
Mr Tolia said Rektron had engaged AT Ghana’s management and some creditors, describing their mood as “optimistic and relieved” at Rektron’s potential entry. He outlined a turnaround approach focused on partial debt repayment, restructuring agreements with lenders, investment in a new billing system, and accelerated 4G rollout with a roadmap to 5G.
“Our timeline is ambitious but realistic: within 18–24 months of closing, AT Ghana would be fully prepared for a 4G launch, with a clear pathway to 5G once spectrum is allocated,” he said.
The company also plans to invest in aggressive marketing to reposition AT Ghana as a revitalised challenger in the telecom market.
Dealing with Government
Despite frustration with the process, Rektron says it remains committed but not desperate.
“We are certainly interested in AT, but not desperate, and have no intention of embroiling ourselves in long-term litigation,” Mr Tolia stated. “We will go through the processes, write to the minister and the chief of staff, and watch how the game unfolds.”
While Minister Sam George has recently clarified that “no final decision has been made” on a merger or acquisition, multiple stakeholders confirm that merger talks between AT and Telecel are already well advanced. KPMG has again been tasked to review all options and advise the government on the best path forward.
For now, Rektron’s bid and the proposed merger hang in uncertainty, with the fate of AT Ghana’s 300 staff and millions of subscribers at stake.
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