Nigeria sets 30% stake sell-down as condition for MTN-IHS $2.2bn acquisition deal
Nigerian authorities have approved MTN Group’s $2.2 billion acquisition of IHS Towers, but outlined conditions for the deal. The approval was granted by the Federal Competition and Consumer Protection Commission, FCCPC – Nigeria’s anti-competition regulator. The FCCPC, however, placed a condition on the approval, requiring MTN Group to sell down up to 30 percent of […] Nigeria sets 30% stake…
Nigerian authorities have given the green light to MTN Group's acquisition of IHS Towers for $2.2 billion, subject to certain conditions. The Federal Competition and Consumer Protection Commission (FCCPC) – Nigeria's antitrust regulator – approved the deal but imposed a requirement on MTN Group to gradually sell off up to 30 percent of its stake in the Nigerian portion of IHS Towers at market prices.
This condition was put in place to address competition concerns, such as MTN's potential dominance over telecommunications infrastructure in Nigeria, which could stifle competitors like Airtel and T2 Mobile. Consequently, MTN Group will not have unrestricted control over Nigeria's telecommunications tower services. IHS Towers is instrumental in driving mobile broadband, 5G, and other digital services across African markets.
MTN Group recently approved a R6 billion ($375 million) share buyback following a strong first-half performance, with a 24.4 percent rise in EBITDA to R56 billion in constant currency terms, a 9.7 percent increase in service revenue to R115.3 billion, and a 6.7 percent growth in its subscriber base to 317.7 million.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
