MTN Cyprus, a fast-growing telecommunications provider in the country, has officially been acquired by Monaco Telecom, with the new owner eyeing even better days for services on the island.
Africa’s biggest wireless carrier had agreed back in July to sell 100 percent of its Cyprus branch to Monaco Telecom SA for €260 million in cash.
In a press release dated September 3, Monaco Telecom said MTN Cyprus was “now a proud member of a new, dynamic European family of telecom companies.”
The company is known for partnering with leading operators in the markets of France, Italy, Switzerland, Ireland, and Monaco, with Cyprus added to the list on Monday.
'We have been preparing it with passion and dedication and we are very excited to commence'
Monaco Telecom CEO Martin Peronnet says the acquisition was central to the strategy of the telecommunications giant.
“We have been preparing it with passion and dedication and we are very excited to commence the workings for providing innovation and quality telecom solutions in Cyprus," Peronnet said in a statement on Tuesday.
MTN Cyprus had registered an increase of 20% in subscribers in the last few years with a turnover last year at €123 million.
But the South African MTN Group gave up its only operating business in the European Union, which was acquired through another investment in 2006, in order to focus on Africa and the Middle East.
MTN will let Monaco Telecom continue to use the MTN brand in Cyprus for up to three years in return for a commercial fee.
Monaco Telecom was the first operator to launch a commercial 1Gbs 4G mobile network in April 2017, while it provides 1Gbs access in fixed broadband to all households.