New Street: IHS Holdings (Buy) and MTN (Buy) MTN disposes of tower sites in South Africa to IHS
MTN and IHS Holding have announced an agreement where IHS will acquire 5,709 sites from MTN South Africa at an implied multiple of 8.9x EBITDA. We see the transaction as moderately supportive for shareholders in both entities. For IHS, we estimate the transaction is ~4% EPS accretive and sees increased diversification away from Nigeria.
MTN Group is a holding company engaged in the investment in the telecommunications industry offering voice services via 2G and 3G networks, including prepaid and postpaid airtime, please-call-me message service, international roaming, electronic voucher distribution services and community payphones, mobile and fixed data products, including short message service (SMS), multimedia message services, internet access, MTN MobileMoney, content portal MTN Play, Google SMS information services, USSD services and corporate data services. Co.'s operations are divided into the following three regions: South and East Africa, West and Central Africa, and the Middle East and North Africa.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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