04 September 2024

MTN Group has completed the sale of its stake in Spacetel Guinea-Bissau SA (MTN Guinea-Bissau) to telecoms group Telecel. The transaction has obtained all required regulatory approvals.

“MTN has taken steps to ensure a smooth transfer of ownership, which the group believes is in the best interest of MTN Guinea-Bissau, its stakeholders and the sector in Guinea-Bissau in general,” said MTN Group in a statement.

The initiative is part of the optimization of the MTN Group portfolio, which wants to focus on its high-potential markets such as Côte d’Ivoire, Nigeria, Ghana, and South Africa. In February 2024, it finalized the sale of its Afghan subsidiary to Investcom AF, confirming its definitive exit from the Middle East with the exception of Iran. It is also considering leaving Liberia.

This acquisition should enable Telecel to accelerate its expansion and strengthen its presence in the African telecoms market.