mtn
Americanabbreviation
Example Sentences
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IHS Towers has agreed to be acquired by MTN Group MTN 0.08%increase; green up pointing triangle in a $6.2 billion all-cash deal.
The telecommunications company said Tuesday that MTN, a South Africa-based mobile operator, has agreed to pay $8.50 a share to IHS shareholders, which it said was a 36% premium to the company’s one-year weighted average share price as of Feb. 4.
IHS said it expects to exceed 40% shareholder support for the deal after MTN, which has a roughly 24% stake in IHS, and longtime shareholder Wendel both said they would vote in favor of the deal.
It said that sale and the divestment from its Latin American fiber operations need to be completed for MTN’s acquisition to close.
The transaction will be funded with the rollover of MTN’s equity stake in IHS, along with $1.1 billion in cash from MTN and $1.1 billion in cash from the IHS balance sheet.
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