Competition Commission gives Swiftnet sale green light
The Competition Commission on Thursday recommended, with conditions, the R6.75-billion sale of masts and towers business Swiftnet, a decision that JSE-listed Telkom has welcomed.
Telkom obtained shareholder approval on May 24 for the sale to an infrastructure fund managed by a subsidiary of Actis LLP, with Royal Bafokeng Holdings as its broad-based black economic empowerment partner.
“This decision remains pivotal to Telkom’s goal of unlocking shareholder value and streamlining our focus on core operations and strategic initiatives. The disposal is now being referred to the Competition Tribunal for their final decision,” the company said in a statement following the announcement of the approval.
The Competition Commission said that it is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market.
However, it states that the key condition to address is the public interest concerns, with the merging parties committing to ensure continued procurement spend towards small- and medium-sized enterprises that are owned by historically disadvantaged persons for a period of five years from the merger implementation date.
Telkom is “working diligently” to secure approvals for the main outstanding suspensive conditions precedent to close the transaction, namely the regulatory approvals required from the Independent Communications Authority of South Africa and the Competition Tribunal.
“This decision marks a positive and significant step towards our journey to become a leading infrastructure company in South Africa,” concluded Telkom Group CEO Serame Taukobong.
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