The transaction forms part of MTN’s strategy to consolidate its investments, while it also hopes to increase its presence the Cypriot market.
MTN made its initial investment in MTN Cyprus in 2006 as part of a takeover of Investcom.
Between 2008 and 2012, MTN Cyprus has grown its subscriber base from 105,000 to 316,000, as well as increased its market share from 14% to approximately 33%.
Sifiso Dabengwa, chief executive officer at MTN Group, 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 is still subject to approval by the Commission for the Protection of Competition of the Republic of Cyprus.
