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US company eyes Telkom tower business

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New York-listed IHS Holding is weighing a bid for Telkom’s tower unit.

New York-listed IHS Holding Ltd. is weighing a bid for South Africa’s Telkom SA SOC’s tower unit, according to people familiar with the matter.

The Swiftnet business is worth about R8.7 billion based on future expected cash flows, according to a recent note from Nedbank Group Ltd. Tower companies — including IHS Towers, American Tower Corp. and Helios Towers — have been expanding in Africa to tap rising demand for broadband as smartphones become more widespread.

IHS Towers is the biggest Africa-focused tower company and has been acquiring assets in South Africa as the country prepares for a scaled roll-out of a fifth generation mobile network. The firm reached a sales-and-lease back tower deal with MTN Group Ltd. in 2021.

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