Telkom SA SOC Limited (“Telkom”) is pleased to announce the successful conclusion of the sale of its masts and towers business, Swiftnet SOC Limited (“Swiftnet”), to a consortium led by Actis LLP and Royal Bafokeng Holdings for R6,575 billion.

Following the fulfilment of all suspensive conditions outlined in the circular dated 22 April 2024 and subsequent SENS announcements, the disposal of Swiftnet has now been concluded.

The sale of Swiftnet's portfolio of approximately 4,000 masts and towers marks a significant step in the implementation of Telkom's transformative journey to focus on core operations while realising value in non-core assets. Part of the proceeds will be allocated to strengthening our balance sheet and reducing debt, positioning us for future growth and innovation to meet the evolving needs of our customers and the market.

“The completion of the Swiftnet sale marks an important milestone for Telkom, said Telkom Group CEO, Serame Taukobong, “This transaction enables us to pursue growth opportunities that align with our data led growth strategy, strengthening our position as South Africa’s digital backbone.”

Telkom appreciates the cooperation of all stakeholders involved and the support provided by FTI Capital Advisors and Bowman Gilfillan.

Telkom wishes the new owners continued success in managing Swiftnet business.