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MTN-owned company considers buying Telkom’s cellular towers

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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 8.7 billion rand 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 smart-phones become more widespread.

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