Monaco Telecom lined up an acquisition of MTN Cyprus as it looks to expand into new markets and “build a regional presence in the Mediterranean Basin”.
The deal is worth around €260 million and is part of MTN’s strategy to review its portfolio and offload certain units, Bloomberg reported.
Out of the 22 markets in which South Africa-based MTN operates, its Cyprus unit had the least number of customers, standing at 426,000 at the end of March, the news outlet said.
In a statement, MTN said “the Cypriot company was carefully selected as a target after a long observation period because of its potential and prospects”. The operator added the transaction is expected to be completed by Q3.
It also said MTN Cyprus is the fastest-growing operator in the country, recording a more than 20 per cent base increase “in the last years” and revenues of €123 million in 2017.
Martin Peronnet, CEO of Monaco Telecom, said: “MTN Cyprus is a perfect fit with our industrial vision to offer high quality services in both fixed and mobile to our customers.”
Philip Van Dalsen, CEO of MTN Cyprus, will continue in his role until the completion of the transaction.