MTN Group has reportedly completed the sale of 5,701 towers to IHS Towers in a deal valued at ZAR6.4 billion (USD414.6 million). Upon completion, IHS will own 70% of the combined business while the Black Economic Empowerment (B-BBEE) consortium will hold the remaining 30%. The agreement also includes a provision whereby IHS will provide power management technology and services to MTN on approximately 13,000 sites including in other African markets, including the 5,701 towers acquired as part of this agreement and across South Africa. The services under contract also reportedly include site security.
Commenting, Ralph Mupita, MTN’s group president and CEO, said: ‘With the regulatory approvals and all conditions precedent to the deal finalised, we are pleased to have IHS bring global capabilities to our South Africa network.’