Telkom South Africa reportedly progressed its proposed sale of tower business Swiftnet, as Bloomberg reported infrastructure-focused investment company Actis is in line to make an acquisition worth more than $330 miilion.
The operator announced the plan to dispose Swiftnet in November 2023, claiming at the time it had “entered exclusivity with a preferred bidder” for the sale of its subsidiary, which owns a portfolio of 6,200 towers.
In a Stock Exchange filing in January, Telkom then described the preferred bidder is comprised of a consortium of equity investors, and that both parties have “significantly progressed their negotiations to agree transaction agreements”. Until now, it was not known who the bidder was.
Citing an undisclosed source, Bloomberg added the deal may also involve a smaller, local partner.
Telkom Group CEO Serame Taukobong has said the sale, when concluded, “will enable us to strengthen our balance sheet and continue to execute our strategic goals”.
Meanwhile, Actis has a history of buying digital infrastructure in South Africa and acquired fibre company Octotel in 2020.
The post Telkom South Africa tower sale moves forward appeared first on Mobile World Live.
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