MTN buys Verizon Internet unit in South Africa

MTN Group Ltd., Africa’s largest mobile-phone carrier, has agreed to buy Internet service provider Verizon South Africa Ltd., broadening its range of services to boost revenue.
New York-based Verizon Communications Inc. owns 70 per cent of the unit, with the balance controlled by the closely held J&J Group, Johannesburg-based MTN said in a statement to the city’s stock exchange yesterday.

MTN plans to broaden its communications offering in the 21 countries where the company operates. The acquisition of Verizon South Africa, which provides Internet services in South Africa, Nambia, Botswana, Zambia and Kenya, would follow similar purchases in Nigeria, Cameroon, Cyprus and Cote d’Ivoire. MTN competes with Telkom South Africa Ltd. and Vodacom Group Ltd.

The deal is subject to antitrust approval, said MTN.