The Competition Tribunal has approved, with conditions, the proposed R6.75 billion deal whereby TowerCo intends to acquire tower and mast business Swiftnet from Telkom.
In August, the Competition Commission approved the deal and referred it to the Competition Tribunal.
Swiftnet, a key player in the South African market, has extensive masts and towers infrastructure, with approximately 6 200 installations, and it leases co-location space to major mobile network operators.
By disposing of Swiftnet, Telkom is looking to unlock shareholder value and focus on its core business operations.
Earlier this year, the majority of Telkom shareholders voted in favour of the proposed transaction.
In an update to shareholders today, Telkom says: “Shareholders are hereby advised that an important milestone has been achieved, in that following the recommendation from the South African Competition Commission, the Competition Tribunal of South Africa approved the disposal on 3 September 2024, subject to certain conditions, which have been accepted by the purchaser.
“Accordingly, the suspensive condition requiring that the disposal be approved by the South African competition authorities has been fully satisfied.”
The company notes the disposal remains subject to the remaining outstanding suspensive conditions.
TowerCo is jointly controlled by the Actis Ohio Fund and Royal Bafokeng Infrastructure Investments.
The Actis Group is a global investor in energy infrastructure, long life infrastructure, digital infrastructure, real estate and private equity.
In South Africa, Actis Group invests in the food retail, education, fibre and internet services sectors.
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