Shanduka Group has acquired a US$335m minority stake in mobile carrier MTN Nigeria, its largest investment outside of South Africa.
The investment group bought the stake through its subsidiary Shanduka Telecommunication (Mauritius) from three private…
Shanduka Group has acquired a US$335m minority stake in mobile carrier MTN Nigeria, its largest investment outside of South Africa.
The investment group bought the stake through its subsidiary Shanduka Telecommunication (Mauritius) from three private investors, reportedly including PE firm African Capital Alliance.
It was not revealed what proportion of MTN Nigeria was acquired by Shanduka Group, but majority shareholder MTN Group holds a 78.83% stake in the Nigerian unit.
Standard Chartered acted as joint financial advisor and mandated lead arranger on the deal.
“This is Shanduka’s most significant investment in another African country,” said Shanduka Group CEO Phuti Mahanyele in a statement. “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.”
MTN Nigeria is currently the largest mobile operator in Nigeria with 45.64 million active subscribers at the end of September 2012, and an estimated market share of approximately 48%.
