MTN's tower sale could generate as much as $747 million

Welcome to The Draft, a Techloy series that highlights the most interesting business and financial stories in the technology industry across emerging markets globally.

Curated by the Techloy News team.

Top Story

• Telecom giant MTN says it plans to complete the sale and leaseback of its South African towers by the end of September 2021. The tower deal could generate as much as R11 billion ($747 million) for the company, according to an analysis by Bloomberg Intelligence.
• The company also announced that it is in the process of a spin-off of its fintech business, to be finalized by March 2022 and its fibre business, over the next two years, as it continues to shed assets and exit markets to focus on core businesses around the continent.
• Citing regulatory actions and demands that make operating in the country 'untenable', MTN is exiting Syria, which represented less than 1% of MTN Group EBITDA at the end of 2020. It will also continue to explore options to exit Yemen and Afghanistan "in an orderly manner."

Subscribe for free today to fully access The Draft, and for as low as $5 per month for premium content, including exclusive stories and investigative reports on Techloy.