Cellular group MTN is to take its stake in its Nigerian subsidiary to close on 82% by spending R2.693 billion.
In a statement, it said it would buy 6.98% from "certain minority shareholders". This takes its ownership of MTN Nigeria Communications to 81.87%.
"The acquisition will enable the minority shareholders to realise a portion of their investment in MTN Nigeria," says MTN president and CEO Phuthuma Nhleko.
"The acquisition is part of a process that will facilitate a broader spectrum of Nigerians to participate in the performance of MTN Nigeria."
MTN will pay $348.9 million - or, at R7.72 to the dollar - R2.396 billion for the stake, of which $287.8 million will be paid in cash and the remainder through the issue of six million shares.
MTN Nigeria, which launched operations in 2001, had a subscriber base of 9.6 million as of the end of June.
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