The MTN Group has confirmed it is selling all of its 75% shareholding in Areeba Guinea S.A. (MTN Guinea) to Telecel Group.
In a statement, MTN said its wholly owned subsidiary, MTN Dubai Limited, has entered into an agreement with Telecel for the sale, adding that the sale remains in line with MTN’s portfolio optimisation focus within its Ambition 2025 strategy.
It however noted that the sale has not reached completion and remains subject to conditions precedent being satisfactorily met, including the receipt of regulatory and other approvals from the relevant authorities in Guinea.
“MTN will continue to work and cooperate with the relevant regulatory authorities, to ensure that all the appropriate requirements for transactions of this nature are addressed,” the statement said. “MTN wishes to reassure our customers in Guinea that the ongoing transaction will not affect the services offered to them.”
Earlier on, Telecel also confirmed the ongoing deal, plus another deal to purchase MTN Guinea Bissau, following an initial announcement by MTN in its 2023 full year report.
The acquisition, for Telecel, forms part of an Africa-focus strategy, which first saw the company acquire Vodafone Ghana in 2022, ahead of a planned IPO in the next three to four years.