MTN will let Monaco Telecom continue to use the MTN brand in Cyprus for as many as three years in return for a commercial fee.
South Africa-based MTN Group’s has announced that its Dubai subsidiary sold the company’s Cyprus business to Monaco Telecom for $304 million, reported Reuters.
MTN Cyprus was acquired as part of the acquisition of telecoms holding company Investcom in 2006 and it is the only South African company’s business in the European Union.
Johannesburg Stock Exchange-listed MTN, has businesses in 24 countries in Africa and the Middle East and plans are underway to launch a mobile service in Namibia in August.
MTN said in March it was reviewing the company’s portfolio to make sure all divisions were self-funding and necessary parts of the business, in particular highlighting conflict areas such as Syria and Yemen.
The telecommunications giant’s stock is down 22 per cent this year, giving the company a market value of $16 billion