In South Africa, Telkom’s sale of its masts and towers business, Swiftnet, to a consortium led by UK-based investment firm Actis for US$374 million has been approved by the Competition Tribunal, subject to certain conditions. This approval follows a favourable vote by Telkom shareholders and the Competition Commission’s recommendation for the deal.
The consortium, Towerco Bidco Proprietary Limited, in which Actis holds a 70% stake and Royal Bafokeng Holdings owns the remaining 30%, has agreed to the conditions set by the Tribunal.
Swiftnet operates approximately 4,000 sites across the country, providing co-location space to major mobile network operators and wireless in-building solutions in public infrastructure buildings.
Telkom views this transaction as a strategic move to strengthen its financial position, reduce debt, and improve liquidity.
Telkom Group CEO Serame Taukobong emphasised the importance of this decision in unlocking shareholder value and refocusing on core business operations. He also highlighted the seamless continuity for Telkom’s related businesses, particularly Telkom Consumer and Openserve.
David Cooke, Actis managing partner, expressed confidence in the Swiftnet opportunity’s long-term value and emphasised its commitment to continuing its association with Telkom and growing its digital infrastructure portfolio. Actis is known for its investments in energy, digital, long-life infrastructure, real estate, and private equity, while the Royal Bafokeng Group’s investments span diverse sectors with a focus on minority interests.
