MTN Group is exiting two markets in West Africa and Central Africa.
It was revealed in its 2023 report that it was selling its equity interests in Guinea-Bissau and Guinea-Conakry to Telecel, after a sale and purchase agreement in December 2023.
This acquisition allows MTN to focus on its healthier regional markets, such as Ghana, Cameroon, and Cote d’Ivoire.
In 2023, these three markets combined to contribute more than 18% to the group’s revenue compared to other markets.
MTN has stated it would ensure a smooth transition for all stakeholders.
The group believes Telecel is well-positioned to grow and expand in these markets.
“Assets and liabilities of both MTN Guinea-Bissau and MTN Guinea-Conakry have been presented as held for sale,” MTN said in the report.
Recall that in February 2024, Telecel Global Services received $20 million from a private credit fund, the Africa Credit Opportunities Fund (ACOF), and Telecel Group to expand its services in West Africa, so this is not Telecel’s first acquisition of a telco in the region.
Before that, Telecel had acquired a 70% stake in Vodafone Ghana a year ago, rebranding them as Telecel Ghana.
