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Home News & Reports

August 2, 2024

Telkom’s US$366 Million Tower Deal Receives Approval
News & Reports
August 2, 2024

by Staff Writer BMA
August 2, 2024
in News & Reports, Telecommunication

In South Africa, the Competition Commission has recommended that the Tribunal approve Actis’ acquisition of Telkom’s mast and tower business, Swiftnet.

This follows Telkom shareholders voting to sell Swiftnet for a base purchase price of US$366 million.

“TowerCo”, established for the transaction, is 70% owned by UK-based investment firm Actis and 30% owned by Royal Bafokeng Holdings.

Swiftnet leases spectrum on its mast and tower infrastructure to customers such as mobile network operators and provides wireless in-building solutions within public infrastructure buildings.

Telkom said Swiftnet owns roughly 3,900 commercially viable masts nationwide and leases co-location space to major mobile network operators.

It said the sale underscores its commitment to fortifying its financial position, reducing debt, and enhancing liquidity.

“This decision marks a pivotal moment in Telkom’s journey towards unlocking shareholder value and streamlining our focus on core business operations,” said Telkom Group CEO Serame Taukobong.

“This positions Telkom as a leading infrastructure company at the heart of South Africa’s digital future. This divestiture aligns perfectly with our strategy to concentrate on infrastructure assets while realising the inherent value in non-core holdings.”

Taukobong said that beyond the financial implications, the transaction ensures seamless continuity for Telkom’s related businesses, particularly Telkom Consumer and Openserve.

He said the deal guarantees continued access to Swiftnet’s infrastructure under mutually beneficial terms.

“Actis sees long-term value in the Swiftnet opportunity and welcomes the continued association with Telkom as it continues to provide access services to Telkom Consumer and Openserve and as Actis continues to grow its digital infrastructure portfolio,” said Actis managing partner David Cooke.

Actis invests in energy, digital, long-life infrastructure, real estate, and private equity. The Royal Bafokeng Group’s investments lie with minority interests across diverse sectors.

Tags: ActisCompetition CommissionSwiftnetTelkom
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