MTN to Sell $1.1bn Stake in Nigerian Tower Operations
On August 28, MTN Group announced its intention to sell a $1.1 billion stake in its Nigerian tower operations, marking a shift from its previous asset-light strategy in West Africa. This decision comes ten years after MTN sold off its towers to reduce operating costs.
The current transaction involves selling a 30 percent stake in IHS Nigeria to local investors while MTN retains 70 percent ownership, ensuring operational control over its network towers. The Federal Competition and Consumer Protection Commission and the Nigerian Communications Commission mandated this local sale as a condition for approving MTN's broader buyout of IHS Towers globally.
IHS Nigeria manages approximately 18,000 of the 29,000 towers owned by MTN across Africa. MTN Group Chief Executive Officer Ralph Mupita stated that the cash generated from this local sale will be directed towards paying down debt associated with the global IHS acquisition, emphasizing that the transaction will occur at a market-oriented valuation.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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