MTN acquires Verizon

MTN announced yesterday, Wednesday, 25 June 2008, that it has entered into an agreement with Verizon Business, part of US-based Verizon Communications, to acquire 100% of Verizon Business South Africa. The transaction is in line with MTN's strategy to provide integrated communications solutions in all of its markets and follows similar acquisitions by MTN subsidiaries in Nigeria, Cameroon, Cyprus and Cote d'Ivoire. It is intended to bolster the scale and product offering of MTN's existing South Africa-based ISP, MTN Network Solutions The transaction also supports MTN's customer focus and commitment to providing more choice and will help position MTN to offer a broad range of communication offerings beyond its mobile services. Closing of the transaction is subject to, inter-alia, regulatory and competition commission clearances.