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MTN, Wendel Say IHS Towers Kickstarts Second Attempt at IPO
IHS delayed IPO plans last year in part due to a dispute with Wendel over post-listing voting rights, people familiar with the matter said at the time. The company had been seeking a valuation of $8 billion including debt, a deal that would be among the largest U.S. IPOs featuring an African company.
Read More: IHS Is Said to Delay IPO of $8 Billion Towers Firm to Next Year
MTN owns a 29% stake in IHS and valued its holding at 30.5 billion rand ($2.1 billion) as of end June. The carrier sees the potential IPO as a key step in a long-running disposal plan, aimed at paying down debt and simplifying the business. The group has begun work on separating its fiber and fintech units, and is looking to exit Middle East markets such as Afghanistan.
MTN shares gained as much as 3% in Johannesburg. Wendel, which owns almost 26% of IHS, was trading 3.6% higher as of 11:48 a.m. in Paris.
Source: Bloomberg Business News