Telkom shareholders will vote next month on whether to sell the group’s towers and masts to a consortium led by private equity firm Actis.
According to Tech Central, the vote is set to take place on May 24.
It was reported last month that Telkom agreed to sell its tower business, Swiftnet, for around $330 million to private equity firm Actis.
“This decision marks a pivotal moment in Telkom’s journey towards unlocking shareholder value and streamlining our focus on core business operations,” said Serame Taukobong, CEO, Telkom Group, in a statement last month.
The telco, which spun off its telecom towers and mast into a separate division in 2021, is looking to sell the assets to unlock more value in the business. The telco had planned to publicly list the tower unit.
Telkom has previously said it values Swiftnet at around $332 million. Swiftnet operates 6,200 towers across South Africa.
Domestic rivals MTN and Cell C have already sold their tower assets, leaving Vodacom as the only South African telco to own its towers.
MTN Group sold 5,701 cellular and radiocommunication towers to IHS Towers in 2022, as part of a sale and lease-back deal.
Aside from looking to shift its tower unit, Telkom, South Africa's third-biggest telecom company, has also considered a merger in the past 18 months. Domestic telcos MTN Group and Rain were both previously interested.
The telco also rejected a potential takeover from a consortium led by former CEO Sipho Maseko.
