MTN ends sale of ‘Guinea-Conakry’ to government
MTN CEO, Ralph Mupita.
MTN ends sale of Guinea-Conakry to government
MTN Group, Africa’s largest network operator by subscriber base, has announced the completion of the sale of its operations in Guinea (also known as “MTN Guinea-Conakry”) to the State of Guinea.
The mobile operator disclosed this information in a statement obtained from its website on Thursday.
The deal, finalised on December 30, 2024, aligns with MTN’s strategy of portfolio optimization and simplification, as part of its Ambition 2025 goals.
MTN Group President and CEO, Ralph Mupita, stated, “This milestone marks a new phase for MTN Guinea-Conakry under local ownership, and MTN thanks the staff, customers, regulators and broader stakeholders in Guinea for the support during the time MTN has been operational in the country.
“Concluding this transaction is in line with the strategy to simplify the portfolio and allocate capital to markets where we can make a difference as MTN and deliver long-term growth and returns.”
In a media briefing in Johannesburg in August 2024, Mupita explained the rationale behind exiting smaller markets.
“Given our risk management framework, some markets are very difficult, and we’re not the best owners of those businesses. They are subscale and not able to fund their own growth,” he said.
Meanwhile, the operator had previously disclosed its decision to sell its equity interests in Guinea-Conakry and Guinea-Bissau in a financial report published in 2023.
In the report, MTN confirmed it had accepted an undisclosed offer from Telecel, an African-focused telecommunications operator, to acquire its interests in Guinea-Bissau and Guinea-Conakry.
MTN indicated that the Guinea-Bissau and Guinea-Conakry businesses were classified as held for sale as of December 31, 2023.
The report also noted that Telecel, a telecom operator with a significant presence in Africa, is well-positioned to drive growth and contribute to technological and economic progress in these markets.
