The French billionaire Xavier Niel who made his fortune in the telecommunicatons industry is in Cyprus for a meeting with President Anastasiades.
Monaco Telecom, owned by Niel has recently acquired majority stake in MTN Cyprus. Specifically in September 2018 Monaco Telecom acquired the entire issued share capital of MTN Cyprus. Monaco Telecom is the incumbent operator of the Principality of Monaco and a member of NJJ Holding.
Niel arrived at the Presidential Palace together with the CEO of Monaco Telecom, Martin Peronnet, as well as a representative of the Principality of Monaco.
In July Bloomberg reported that MTN Group Ltd agreed to sell its Cyprus unit to Monaco Telecom for about 260 million euros as Africa’s biggest wireless carrier by subscribers made good on a pledge to offload assets.
MTN is one of the 4 major telecommunications providers in Cyprus. It offers integrated telecommunications solutions for mobile, fixed telephony, broadband and TV, providing pioneering solutions for private and business clients.
Monaco Telecom will continue to use the MTN brand in Cyprus for three years in return for a fee. The Monaco company is 55% owned by Xavier Niel, founder and largest shareholder of French telecommunications company Iliad.
MTN had initially bought the Cyprus unit as part of its purchase of Investcom LLC in 2006.