MTN’s Verizon buyout clears first regulatory hurdle

29 Oct 2008

South Africa’s Competition Commission has approved mobile operator MTN’s ZAR1.4 billion (USD125 million) proposed takeover of Verizon Business SA, the local subsidiary of US telco Verizon Communications. The acquisition will now pass to the country’s Competition Tribunal for further scrutiny. According to a report from Business Day, if the deal goes ahead MTN will become South Africa’s third-largest corporate internet service provider, with a market share of between 10% and 12%. MTN first unveiled the proposed acquisition in June.

South Africa, MTN Group, Verizon Communications