South Africa’s MTN Reaches $410 Million Towers Deal With IHS

MTN Group Ltd. and IHS Holdings Ltd. agreed a 6.4 billion rand ($410 million) tower-deal in South Africa, according to a statement.

The sale and-lease back transaction covers 5,709 sites, as well as power and related services to MTN’s entire tower portfolio in the country, the telecoms provider said. The money from the sale will be reinvested in securing additional spectrum in South Africa, and also give it more flexibility with its finances.

The deal provides IHS an entry into Africa’s most developed economy, and additional revenue of about $220 million in the first year of operations, it said. The ...