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The End of an Era: Telkom Sells Off Its Towers – But at What Cost?

In a move that has sent shockwaves through the telecoms industry, the Competition Commission has given the green light for Telkom’s massive mast and tower business, Swiftnet, to be sold to a consortium led by Actis – but only after imposing certain "conditions" on the deal.

Telkom’s Golden Handshake

Shareholders, including the government of South Africa, which owns a whopping 40.5% of Telkom, voted overwhelmingly in favour of the sale in May, despite not a single vote being cast against the deal. The government’s significant stake in Telkom raises questions about potential conflicts of interest and the motivations behind the sale.

A Towering Failure?

The sale of Swiftnet to Actis and Royal Bafokeng Holdings has sparked concerns about the impact on competition in the market. The commission’s lukewarm approval of the deal raises eyebrows, especially given the potential risks to consumers and the telecoms sector as a whole.

The Bottom Line

The real question is, what’s in it for Telkom? CEO Serame Taukobong claims the sale will enable the company to "unlock shareholder value and streamline its focus on core business operations," but is this just a veiled attempt to dump a loss-making asset and shift the blame to others?

The Consortium’s Gameplan

Actis and Royal Bafokeng Holdings plan to fund the purchase of Swiftnet through a combination of equity and third-party debt. But what does this mean for the future of the telecoms industry, and are these players truly committed to benefiting the South African economy or is this just a cynical play to extract profits?

Stay Tuned

The fate of Telkom’s Swiftnet is far from sealed. The company still needs to get the thumbs up from the Competition Tribunal, and only then can the deal be officially done. Will the Tribunal see through the fine print and block the sale, or will Telkom get its way? Only time will tell.