South Africa’s MTN Group of which MTN Nigeria is a part of has bought out its 50:50 partner in MTN Cyprus giving it sole ownership of the mobile network.
Financial terms are not being disclosed but the other 50 percent was owned by Amaracos Holdings, a company representing the interests of the Shacolas Group and the Panos Germanos Group.
Mr. Sifiso Dabengwa, MTN group president and CEO, said: “MTN Cyprus is an important part of MTN Group, as it represents one of our most developed markets. We see MTN Cyprus as a springboard for the development and introduction of innovative products and services that may be applicable to other MTN Group markets in future”.
MTN Group acquired its initial investment in MTN Cyprus in 2006 as part of a larger transaction where 100% of Investcom, a holding company of operations in 10 countries in Africa and the Middle East, was acquired.
The acquisition is subject to approval by the Commission for Protection of Competition of the Republic of Cyprus.