Monaco Telecom is taking over MTN Cyprus in a €260 million deal that will set a new course for the Cypriot provider as a powerful member of its new European family.
MTN Group, Africa’s biggest wireless carrier, agreed to sell 100 percent of Cyprus branch to Monaco Telecom SA for €260 million in cash.
According to Kathimerini, MTN Cyprus is the fastest growing provider in the country, registering an increase of 20% in subscribers in the last few years with a turnover last year at €123 million.
MTN will let Monaco Telecom continue to use the MTN brand in Cyprus for up to three years in return for a commercial fee.
This move means the South African company is giving up its only operating business in the European Union, which was acquired through another investment in 2006.
Knews understands MTN Cyprus fell outside the S.A. group’s focus on Africa and the Middle East.
The transaction is expected to be completed in the third quarter of this year, according to Kathimerini.