SHAREHOLDERS BACK MTN'S ACQUISITION OF INVESTCOM

Mergers, Acquisitions and Financial Results

Africa's largest mobile telephony company, MTN Group, said that most of its shareholders voted in favour of a $5.5bn acquisition of Lebanon-based Investcom.

MTN's Chairman, Cyril Ramaphosa, said that almost all its shareholders had voted positively.

Investcom, which is headquartered in Beirut, would give the group access to 10 new countries, including Afghanistan and Saudi Arabia in the Middle East and Sudan.

MTN, which would need to borrow $3.85bn on top of using its cash pile, new shares and R8bn (about $1.1bn) in corporate bonds, would pay $1120 per customer, almost double what Kuwait's Mobile Telecommunications paid last year for Celtel International.

Business in Africa