Companies / South Africa
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MTN: King Of The African Mobile Jungle
May 2006 | Company Finance AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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South African mobile operator MTN has taken its first steps in becoming a major leading operator in Africa and the Middle East, after it struck a landmark deal to acquire Dubai-based Investcom at a cost of US$5.526bn (ZAR33.5bn). The agreement forms one of the largest-ever cross-border investments made by a South African company. Investcom is 70.6%-owned by M1, which is run by the family of former Lebanese prime minister Najib Mikati. Under the terms of the agreement, MTN will issue up to 204mn shares to cover about 40% of the fee, giving Investcom shareholders in return up to a 13%