Monaco Telecom will take control of MTN Group’s Cypriot operations
South African based global telco, MTN Group, has sold its operations in Cyprus, according to reports in the local press. The deal is believed to be worth €260m.
Last year, MTN’s Cypriot business unit generated revenues in excess of €123m. MTN’s decision to sell its Cypriot business unit sees the South African firm quit its last remaining foothold in Europe.
“MTN and Monaco Telecom have agreed on the acquisition of the entire issued share capital of MTN Cyprus by Monaco Telecom,” MTN said in an emailed statement.
“The transaction is expected to be completed in the third quarter of 2018”.
The acquisition of MTN’s Cyprus division will help Monaco Telecom to expand its international portfolio and gain traction in new markets.
“We are very pleased with the acquisition of MTN Cyprus. The Company has an excellent management team and, relying on its state of the art mobile network, it has achieved strong growth over the past few years. MTN Cyprus is a perfect fit with our industrial vision to offer high quality services in both fixed and mobile to our customers,” Martin Peronnet, CEO of Monaco Telecom, told news site Stockwatch.com.
MTN Group will allow Monaco Telecom to continue to use the MTN brand in its Cypriot operations, as part of the deal.