Telkom’s disposal of its masts and towers business housed in Swiftnet is almost across the finishing line.
Telkom said on Monday that the suspensive conditions to proceed to closing of the disposal had been fulfilled other than standard suspensive conditions which run until the business day before closing.
“The parties are accordingly proceeding to take the necessary steps to closing of the disposal in accordance with the sale agreement,” the group said in a statement on Monday.
In December, the Independent Communications Authority of SA (Icasa) gave Telkom the green light for the disposal.
The Competition Commission and shareholders have already approved the transaction.
Telkom announced the planned sale of its masts and towers business, housed in Swiftnet, for R6.75bn in April last year to a consortium consisting of an infrastructure fund managed by a subsidiary of Actis and an infrastructure vehicle 100% owned by Royal Bafokeng Holdings.
Swiftnet owns and operates about 3,900 commercially viable masts and towers in SA.
Telkom CEO Serame Taukobong said at the time of announcing the deal that the transaction was a pivotal moment in Telkom’s implementation of its data-led strategy under OneTelkom.
The sale would strengthen the balance sheet, reduce debt and provide additional capital, enabling Telkom to focus its investment in next-generation technology infrastructure, he said at the time.
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