Econet to delist, spin off towers in Africa-style value reset

Zimbabwean telecoms giant Econet Wireless plans to delist from the Zimbabwe Stock Exchange and separately list its infrastructure assets as it seeks a fairer valuation, following a path already taken by MTN, Vodacom, Airtel and Orange across Africa.

By Nhlanhla Muthe

Strive Masiyiwa, founder of Econet Wireless, is restructuring the telecoms group by delisting from the Zimbabwe Stock Exchange and spinning off its infrastructure assets.

Econet Wireless, the flagship telecoms business founded by billionaire Strive Masiyiwa, has announced plans to voluntarily delist from the Zimbabwe Stock Exchange (ZSE) as it restructures its operations to unlock long-suppressed shareholder value.

The decision comes after years of Econet trading at a significant discount to regional telecom peers, a challenge the company attributes to market constraints and the difficulty of valuing infrastructure-heavy telecom businesses on local stock exchanges.

“For the last several years, the company has traded at a significant discount to its peers across Africa, which trade at between six and eight times EV/EBITDA. These peers have already separated and realised value from their tower infrastructure,” Econet said in a statement

At the heart of the restructuring is the creation of a new infrastructure subsidiary, Econet Infrastructure Company Limited (Econet InfraCo), which will house the group’s towers, real estate and power assets. The new entity is expected to be listed by introduction on the Victoria Falls Stock Exchange (VFEX), Zimbabwe’s US dollar-denominated exchange.

Under the proposed structure, Econet will retain a 70 percent stake in InfraCo. In comparison, up to 30 percent of the shares will be allocated to settle exit offers for shareholders who choose not to remain invested following the delisting.

“This approach mirrors global telecom best practice, where passive infrastructure is separated into dedicated entities that are easier to value and finance,” the company said.

The move aligns Econet with a growing number of African telecom operators that have pursued similar strategies to unlock value. MTN Group, Vodacom, Airtel Africa and Orange have all spun off or monetised their tower assets over the past decade, often attracting infrastructure investors and improving balance sheet flexibility.

Analysts say the shift reflects a broader recalibration by African telecom firms facing capital-intensive network expansion, rising energy costs and pressure to invest in next-generation connectivity.

Before the delisting takes effect, Econet plans to extend a voluntary exit offer, allowing shareholders to either cash out or receive part-payment in shares of the newly created infrastructure company. A shareholder meeting to consider the proposal is scheduled for January 2026.

For Masiyiwa, the restructuring marks a strategic reset rather than a retreat, positioning Econet to compete more effectively in a telecom landscape where infrastructure separation is increasingly the norm across Africa.