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.<\/p>\n
IHS Group is the largest independent tower operator in Africa, Europe and
\nMiddle East and the tenth largest independent tower company in the world, with
\nover 23,300 towers.<\/p>\n
The deal will see MTN increase its economic interest in IHS Group, from approximately 15% to approximately 29%.<\/p>\n
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.<\/p>\n
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
\nincluding Wendel, the International Finance Corporation (IFC), Government of Singapore
\nInvestment Corporation (GIC), Korea Investment Corporation (KIC) and Emerging Capital Partners (ECP), among other international investors.<\/p>\n
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.<\/p>\n