MTN increases economic interest in tower operator
MTN Group has announced that it will exchange its 51% interest in Nigeria Tower InterCo, the parent company of INT Towers, for an additional shareholding in IHS Holding.
IHS Group is the largest independent tower operator in Africa, Europe and
Middle East and the tenth largest independent tower company in the world, with
over 23,300 towers.
The deal will see MTN increase its economic interest in IHS Group, from approximately 15% to approximately 29%.
There are no conditions precedent to the transaction and it is expected to close once the new shares in IHS Group have been issued during Q1 2017.
In exchanging all of its interest in INT in Nigeria for additional shares in the pan-African IHS Group, all of MTN’s interest in IHS will sit alongside a group of investors
including Wendel, the International Finance Corporation (IFC), Government of Singapore
Investment Corporation (GIC), Korea Investment Corporation (KIC) and Emerging Capital Partners (ECP), among other international investors.
MTN said that transaction enables the group to simplify its tower ownership structure and diversify its tower infrastructure exposure across the IHS Group which operates in a number of markets across Africa.
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