MTN Group Limited has said that its subsidiary, MTN Dubai Limited, has agreed to sell a 75 per cent stake in Areeba Guinea S.A to Telecel Group.
The telecom operator said in a statement that the sale aligned with its strategy of optimising its portfolio of assets, as outlined in its ‘Ambition 2025 Strategy’.
The agreement, though initiated, has not yet reached completion, pending the satisfactory fulfilment of the prerequisites outlined in the deal.
Among these prerequisites are regulatory and other approvals required from relevant authorities in Guinea, the telecom firm clarified.
“MTN will continue to work and cooperate with the relevant regulatory authorities to ensure that all the appropriate requirements for transactions of this nature are addressed.
“MTN wishes to reassure our customers in Guinea that the ongoing transaction will not affect the services offered to them,” it stated.
Areeba Guinee SA is an internet service provider that operates in Guinea. Currently, it ranks third out of 16 service providers in Guinea.
MTN entered the Guinean market when it bought the Areeba brand from Lebanese operator Investcom in 2007.
Telecel Group, founded by Miko Rwayitare in 1986, had recently announced securing $20m to bolster its operations in West Africa.
The African-focused telecommunications company operates in more than 27 countries, including Gabon, Equatorial Guinea, the Central African Republic, the Democratic Republic of the Congo, and Chad, with a customer base exceeding six million active users.
In a strategic move to enhance its presence, Telecel Group expanded Vodafone Ghana’s network infrastructure in October 2023, introducing 300 new 4G sites across the country, many of which are already operational.