MTN Group has agreed to sell its Cyprus unit to Monaco Telecom for about EUR 260 million. MTN Cyprus is MTN’s only operating business in the EU, and was acquired as part of MTN Group’s acquisition of telecoms holding company Investcom in 2006. It falls outside the group’s core footprint of Africa and the Middle East.
The deal allows Monaco Telecom to use MTN’s brand for up to three years for a commercial fee, the statement said. The transaction is expected to be completed by the end of September. MTN Cyprus had 426,000 customers at the end of March.
