MTN Seeks to Cash In on IPO of Africa's Biggest Tower Company
- Wireless carrier values stake at about $2.3 billion, CFO says
- IPO proceeds could be used to cut MTN’s debt pile further
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MTN Group Ltd. could cash in from an initial public offering of Africa’s largest telecommunication-towers company by selling a stake valued by the wireless carrier at about 27 billion rand ($2.3 billion).
IHS Towers, of which Johannesburg-based MTN owns about 29 percent, is planning an IPO in New York, people familiar with the matter said last year. If the tower operator goes ahead with the share sale and the valuation is appropriate, MTN will look to sell out, Chief Financial Officer Ralph Mupita said in an interview.