Telkom in talks with consortium to sell tower portfolio

Telkom is engaged in “exclusive negotiations” with a preferred bidder regarding the possible sale of its masts and towers business, Swiftnet.

A potential sale of Swiftnet has been a long time coming. It now appears a deal could be imminent, with Telkom saying on Tuesday that it initiated a “competitive disposal process in terms of its value-unlock strategy”.

Telkom is due to publish its interim results for the six months ended 30 September later on Tuesday.

“The preferred bidder is a consortium of equity investors (including a black economic empowerment partner), led and managed by a reputable private equity firm,” Telkom said in a statement to shareholders issued via the JSE. “The negotiations to conclude transaction agreements are under way…”

Read: Telkom appoints a new group CFO

It cautioned, however, that the negotiations “may or may not lead to a transaction, and therefore shareholders are advised to exercise caution when dealing in the company’s securities until a further announcement is made.”  — © 2023 NewsCentral Media

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