20 December 2024
Telkom has received approval from the Independent Communications Authority (ICASA) to sell Swiftnet, its telecommunications infrastructure subsidiary.
The transaction, worth R6.75 billion, will be done with a consortium led by British investor Actis LLP.
ICASA’s decision comes after the Competition Tribunal approved the deal in September. It also follows the Competition Commission’s (CompCom) green light, which came after the group’s shareholders unanimously approved the transaction.
“This transaction is a key moment in the execution of our data-driven strategy under OneTelkom,” said Telkom Group CEO Serame Taukobong.
The sale is part of Telkom’s strategy to refocus its business on mobile and fibre, while strengthening its finances and investing in leading-edge technologies.
“The sale will strengthen our balance sheet, reduce our debt and provide additional capital. This will allow us to focus our investment in next-generation technology infrastructure,” said Taukobong.
