Nigeria sets 30% stake sell-down as condition for MTN-IHS $2.2bn acquisition deal

Nigerian authorities person approved MTN Group’s $2.2 cardinal acquisition of IHS Towers, but outlined conditions for the deal.

The support was granted by the Federal Competition and Consumer Protection Commission, FCCPC – Nigeria’s anti-competition regulator.

The FCCPC, however, placed a information connected the approval, requiring MTN Group to merchantability down up to 30 percent of its involvement successful the Nigerian constituent of IHS Towers astatine marketplace prices implicit clip to code cardinal contention concerns.

Further details of the Nigerian government’s information indicated that the 30 percent sell-down of IHS Towers by MTN Group would code concerns implicit the company’s dominance of telecommunications infrastructure successful Nigeria astatine the disbursal of competitors specified arsenic Airtel and T2 Mobile.

The information besides means that the South African firm, MTN Group, volition not person unfettered power implicit Nigeria’s telecommunications operation services.

DAILY POST reports that IHS Towers is astatine the centre of the enlargement of mobile broadband, 5G and different integer services crossed African markets.

Recall that MTN Group earlier approved a R6 cardinal ($375 million) stock buyback aft reporting beardown first-half results.

Details showed that the telecommunications giant’s EBITDA roseate 24.4 percent to R56 billi...