Telkom sells tower business for R6.75 billion

The purchaser of the mast and towers business is a consortium made of UK Private Equity Firm Actis and BEE-partner Royal Bafokeng Holdings .The base purchase price of R6.75 billion represents Swiftnet’s value on a debt-free basis and will be subject to other conditions, such as positive adjustments for any cash, negative adjustments from continuing loans from Telkom, and positive or negative adjustments for working capital.

“At the Closing Date, a portion of the Existing Shareholder Loan of up to R225 million may remain outstanding as payable by Swiftnet to Telkom together with applicable interest on the outstanding loan amount until fully settled ,” the group said. Telkom’s board previously said that Telkom’s market capitalisation does not represent its intrinsic value.

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