The Competition Tribunal has accepted a recommendation that Telkom be allowed to sell its towers business.
has accepted a recommendation by the Competition Commission that Telkom be allowed to sell its masts and towers business, Swiftnet , to a consortium led by Actis.
The tribunal’s green light comes a month after the Competition Commission said the deal was unlikely to lessen or prevent competition substantially in any market. Still, the commission recommended that “public interest concerns” be addressed. “The merging parties have made procurement commitments to firms that are either small/medium enterprises or that are owned by historically disadvantaged persons for a period of five years from the implementation date,” the commission said.
It underscores Telkom’s commitment to fortifying its financial position, reducing debt and enhancing liquidityActis and Royal Bafokeng formed a new entity, called Towerco Bidco, to acquire the stake. The former owns 70% of this entity, with the latter holding the remaining 30%.group’s total issued share capital, were in favour of the sale. Not a single vote was cast in opposition to the transaction.
“This divestiture aligns perfectly with our strategy to concentrate on our infrastructure assets while realising the inherent value in non-core holdings… This move underscores Telkom’s commitment to fortifying its financial position, reducing debt and enhancing liquidity,” Taukobong said. –The work we do at TechCentral is made possible through the support of our commercial partners.
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