MTN
MTN
MTN - MTN Group Limited - Announcement
MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1994/009584/06)
(Share code MTN ISIN ZAE000042164)
("MTN")
Announcement
Shareholders are advised that MTN has entered into an agreement with Verizon
Business, part of US based Verizon Communications Inc., to acquire 100% of
Verizon South Africa (Pty) Ltd ("Verizon Business South Africa"). Verizon
Business corporate entities currently own approximately 70% of Verizon Business
South Africa with the balance held by an entity controlled by Jay & Jayendra
(Pty ) Ltd, which is part of the J&J Group.
Verizon Business South Africa is an established South Africa headquartered
Internet Service Provider ("ISP") providing full connectivity services to
corporate customers in South Africa, Namibia, Botswana, Zambia and Kenya.
The transaction is in line with MTN`s stated strategy to provide integrated
communications solutions in all of its markets and follows similar acquisitions
by MTN subsidiaries in Nigeria, Cameroon, Cyprus and Cote d`Ivoire.
Closing of the transaction is subject to, inter-alia, regulatory and competition
commission clearances.
Fairland, 25 June 2008
Sponsor to MTN
Merrill Lynch South Africa
Financial advisors to MTN
Lehman Brothers
SA legal and tax advisors to MTN
Edward Nathan Sonnenbergs
English legal advisor to MTN
Freshfields
Date: 25/06/2008 08:00:07 Produced by the JSE SENS Department.
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