MTN group ups investment in IHS [DETAILS]
The MTN Group will exchange its 51% interest in Nigeria Tower InterCo, the parent company of telecom tower operator INT Towers, for an additional shareholding in IHS Holding, the company announced. In a statement, MTN said the transaction means its economic interest in IHS Group will increase from approximately 15% to approximately 29%. There is no condition precedent to the transaction and it is expected to close once the new shares in IHS have been issued during the first quarter of 2017, it added. According to the statement, the transaction enables MTN 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. Moreover, it will better enable MTN to crystallise value for shareholders in the future. The investment in IHS allows MTN to benefit economically from its previously owned passive infrastructure and continued network investment. Phuthuma Nhleko, MTN’s executive...