Mergers and Acquistions News
Categories: Telecoms
January 9th 2009, 16:11PM
MTN's attempt to acquire the majority of Verizon SA has been approved by regulators.
Five days had been set aside by the country's Competition Tribunal to consider the matter but after the main opponent of the deal, Altech, withdrew its objections the deal was passed, reports the Times of South Africa.
The acquisition is thought to be worth around R1.4 billion (£90 million) and is for 69.4 per cent of Verizon SA.
Speaking to the news paper, Tim Lowry, MTN SA's managing director, said: "All regulatory conditions have now been met in order to proceed with the acquisition and MTN expects to complete the transaction soon."
The deal will make MTN one of the largest internet service providers in South Africa.
No conditions were attached to the deal by regulators.
Earlier this week, Indian firms Quippo and Tata Teleservices announced a joint venture which sees the former take a 49 per cent stake in the latter's infrastructure arm.
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