MTN considering divesting in West Africa
Africa’s biggest mobile phone company, MTN Group is in the early stages of deliberations to divest some of its smaller operations in West Africa as its focuses on core markets, Bloomberg reported citing people familiar with the matter said.
The telecom giant is currently reviewing its portfolio in the region to identify which assets might be sold off. However, the company's assets in Nigeria and Ghana, its largest markets in West Africa, are not included in this review, the sources confirmed.
The sources who chose not to be identified said the review is still in its early stages, and there’s no certainty it’ll result in divestments. MTN has since said the company would communicate any intentions to dispose of assets publicly to its stakeholders.
Based in Johannesburg, with a presence in several West African countries including Benin, Guinea-Bissau, Guinea, and Liberia, the company has been focused on its operations in Africa since 2020.
As part of its efforts to focus on its local market – Africa, MTN divested its operations in Syria and Yemen last year. The company also sold its Afghanistan business to M1 NewVentures for $35 million in November 2022.
