MTN gets Competition Commission nod to buy back towers it sold for R6.4 billion

• The Competition Commission has recommended that the Competition Tribunal approve, with conditions, MTN’s proposed acquisition of IHS Towers.
• The Commission found that the proposed transaction raises competition and public interest concerns, and recommended conditions to protect jobs and historically disadvantaged persons (HDP) ownership.
• MTN will use approximately $1.1 billion (R17.7 billion) of cash on IHS’s balance sheet, along with available liquidity and debt, to finance the purchase of the remaining shares.