MTN Group has revealed plans to acquire a 50 per cent equity interest in MTN Cyprus from its local partner Amaracos Holdings
MTN will carry out the deal through its wholly-owned subsidiary, MTN Dubai.
The company said that the deal was part of the MTN Group’s strategy to consolidate its investments and will provide further opportunities to accelerate its product and service offerings to the Cyprus markets.
The group said that it had acquired its initial investment in MTN Cyprus in 2006 as part of a larger transaction where 100 per cent of Investcom LLC, a holding company of operations in 10 countries in Africa and the Middle East, was acquired.
Since 2008, MTN Cyprus has increased its market share from 14 per cent to approximately 33 per cent and subscribers from 105,000 to 316,000 as of 30 September 2012.
MTN Group CEO, Sifiso Dabengwa, said, “MTN Cyprus is well established within a market that has good potential for accessing innovation and knowledge sharing that can benefit the overall MTN group.”
The acquisition will be subject to approval by the Commission for Protection of Competition of the Republic of Cyprus.
