MTN Seeks 30% Stake Investment from Nigerian Investors
MTN Group is pursuing Nigerian investors to acquire up to a 30% stake in IHS Nigeria, which is part of its strategy to finalize the acquisition of IHS Holding Limited, estimated to cost between $900 million and $1.1 billion. Bloomberg reported that this sale could generate significant funds for MTN.
The Federal Competition and Consumer Protection Commission (FCCPC) recently granted conditional approval for MTN to sell down this stake to local investors at market prices over time. Ralph Mupita, the Chief Executive Officer of MTN Group, stated that the proceeds from this sell-down would be allocated to reducing debt associated with the IHS transaction, although he did not disclose the exact value of the stake.
IHS operates approximately 29,000 telecom towers across Africa, with Nigeria and South Africa being its largest markets, and has been a significant player in the telecom infrastructure sector since its establishment in 2001 by Sam Darwish.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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