Shanduka buys stake in MTN Nigeria for USD335m

28 Nov 2012

South African investment firm Shanduka Group has bought a minority stake in MTN Nigeria from three private investors, reports Reuters. Without disclosing the size of the stake, Shanduka said it paid USD335 million for the shares. MTN Group holds 78.8% of its Nigerian business, meaning that Shanduka’s stake could be up to 21.2%. Shanduka has investments in varied sectors from mining, energy, real estate and financial services; the China Investment Corporation paid ZAR2 billion (USD226 million) for a 25% stake in the South African firm last year. TeleGeography’s GlobalComms Database states that MTN Nigeria is the country’s largest mobile operator by subscribers, with a total of 45.6 million customers at the end of 30 September 2012, giving it a market share of 42.7%, well ahead of second-placed Globacom with 20.8%.

Nigeria, MTN Group, MTN Nigeria