Transaction Summary
Telkom SA SOC Limited (Telkom), a state-owned, JSE-listed company, has completed the sale of its telecommunications tower business, Swiftnet Soc Limited (Swiftnet), to TowerCo Bidco (Pty) Ltd (TowerCo), a special-purpose vehicle created for the transaction, for R6.75 billion ($370 million). TowerCo is jointly controlled by the Actis Ohio Fund—a South African partnership managed by Actis Ohio SA GP (Pty) Ltd, ultimately owned by Actis LLP—and Royal Bafokeng Infrastructure Investments (Pty) Ltd, a subsidiary of Royal Bafokeng Holdings Pty Limited (RBF). Additionally, MIC Management Services Proprietary Limited (MIC) is part of the Actis-led consortium. Actis and MIC now collectively hold 70% of Swiftnet, while RBF holds 30%. Founded in 2021, Swiftnet owns and operates approximately 4,000 telecom tower sites across South Africa, providing essential passive infrastructure to mobile network operators. All key regulatory approvals have been secured, including Competition Tribunal clearance in September 2024 and ICASA approval for the licence transfer
