In March, Telkom announced a deal to sell Swiftnet to a consortium led by British investor Actis. The transaction has now received approval from South Africa’s Competition Tribunal.
Telkom, South Africa's telecom company, has moved forward with selling its telecom tower subsidiary, Swiftnet, to a consortium led by British investor Actis. The deal, valued at 6.75 billion rand ($377.9 million), was approved with conditions by South Africa’s Competition Tribunal on September 4.
This approval comes about a month after the Competition Commission (CompCom) gave the green light for the transaction, which was first announced in March. Telkom’s shareholders also unanimously approved the sale in May, but the deal still requires approval from the Independent Communications Authority of South Africa (ICASA).
Telkom revealed plans to sell Swiftnet in July 2023 as part of its “value unlocking strategy.” The company initially planned to list its telecom tower business separately in 2021, but global financial instability delayed the move. Telkom is also looking to sell minority stakes in its fiber optic subsidiary, Openserve, and its IT division, BCX.
CEO Serame Taukobong stated that the proceeds from the Swiftnet sale would be used to strengthen Telkom’s balance sheet. As of March 31, 2024, the group’s net debt stood at 16.9 billion rand. For the 2024 financial year (April 2023 - March 2024), Telkom's revenue reached 43.2 billion rand, up 1.6% year-on-year.
Through this sale, Telkom aims to free up cash to invest in its core businesses and pursue new growth opportunities. The company plans to focus on its mobile network and fiber optic services, while also expanding its IT capabilities through data centers.
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
In a region strained by forced displacement, poverty, and limited access to economic opportunities, an innovative initiative is leveraging the synergy...
Renowned as one of Africa’s cleanest cities, Kigali has in recent years experienced a demographic surge that is challenging this reputation while...
Morocco’s Chbika project aims to export 200,000 tons of green ammonia yearly using 1 GW of renewables Supports EU hydrogen import goals; mirrors...
Ghana may raise 2025/2026 cocoa price to 3,300 cedis (\9), up from 3,100 cedis Boost linked to cedi’s 42% gain and prior season...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...