Shanduka Group has announced the acquisition of a minority stake in MTN Nigeria worth US$335mn
The stake, which was purchased through Shanduka Telecommunication (Mauritius), was acquired from three private investors.
Phuti Mahanyele, CEO of Shanduka Group, said, “This is Shanduka’s most significant investment in another African country. It is a business that is well established within a market that has great potential for further growth. Shanduka will continue to pursue opportunities in other parts of Africa."
Forming part of the group’s strategy to invest in growing African markets, the transaction represents the largest investment Shanduka has made outside South Africa.
MTN Nigeria is currently the largest mobile operator in Nigeria, with 45.64mn active subscribers at the end of September 2012 and an estimated market share of approximately 48 per cent. The company is an indirectly held subsidiary of MTN Group, which holds an effective 78.83 per cent stake.
The investment was facilitated and supported by Standard Chartered, who acted as joint financial advisor and mandated lead arranger.
