Shanduka acquires $335 million stake in MTN Nigeria

Shanduka acquires $335 million stake in MTN Nigeria

South African investment firm Shanduka Group has reportedly acquired a $335 million stake in MTN Nigeria.

Shanduka acquired the stake from three private investors in its largest investment outside of its home market, according to Reuters.

It is believed that Shanduka’s acquired stake could be up to 21.2% as MTN holds 78.8% of the operation, although no further details were given.

MTN Nigeria is the MTN Group’s largest subsidiary and contributed nearly 30% to the company’s first half revenue.

The company is the leader of Nigeria’s mobile markets with approximately 46 million mobile subscribers in September, according to TeleGeography. It is also provides fixed telephony and internet services via fibre in select cities.

Shanduka is chaired by South African politician and millionaire, Cyril Ramaphosa, who is a leading member of the ruling African National Congress party and chairman of MTN.

China’s sovereign wealth fund acquired a 25% stake in Shanduka last year for $226 million.

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