MTN Exits Two African Markets to Prioritize High-Growth Opportunities
MTN plans to prioritize its focus on stronger markets in the West African region to boost its revenue.
Africa's largest telecom giant, MTN, has just struck a purchase deal with Telecel, one of the first telecom operators in Africa, to acquire its equity stakes in MTN Guinea-Bissau and MTN Guinea-Conakry.
The deal, which was finalized in December 2023, as reported by MTN's financial report for 2023, will see Telecel take up its market share worth approximately 30% to drive growth and contribute to the technological and economic progress in these markets. The financial details of this deal are still undisclosed, but MTN has confirmed that it will be made official in the future.
The telecoms giant which is valued at $8.97 billion, has decided to prioritize its focus on stronger markets such as Nigeria, Ghana, Cameroon, and Cote d'Ivoire, which collectively account for 18.6% of its revenue.
