articles | 08 February 2013

MTN group acquires 50 per cent of MTN Cyprus

The acquisition is part of MTN Group’s broader strategy to make Cyprus an innovation hub for the development of new products and services for the group.

MTN Group has agreed to acquire the 50% share in MTN Cyprus held by its local partner, Amaracos Holdings, a company representing the interests of the Shacolas Group and the Panos Germanos Group. At the conclusion of this transaction, MTN Group will own 100% of MTN Cyprus.

MTN Group President and CEO Sifiso Dabengwa 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 MTNGroup markets in future.” Both Shacolas and Germanos confirmed they will continue to provide their support to MTN Cyprus.

MTN Cyprus is an integral part of MTN Group, a multinational telecommunications operator with more than 185 million customers in 22 countries, 25,000 employees and annual revenues of €13,5 billion. MTN Group acquired its initial investment in MTN Cyprus in 2006 as part of a larger transaction where 100 per cent of Investcom LLC, a holding company of operations in 10 countries in Africa and the Middle East, was acquired.Since 2008,  MTN Cyprus has increased its market share from 14 per cent to 32.8 per cent – 316,000 subscribers on September 30, 2012.

The acquisition is subject to approval by the Commission for Protection of Competition of the Republic of Cyprus.

 

Source: Cyprus Mail

 

MTN Group has agreed to acquire the 50% share in MTN Cyprus held by its local partner, Amaracos Holdings, a company representing the interests of the Shacolas Group and the Panos Germanos Group. At the conclusion of this transaction, MTN Group will own 100% of MTN Cyprus.

MTN Group President and CEO Sifiso Dabengwa 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 MTNGroup markets in future.” Both Shacolas and Germanos confirmed they will continue to provide their support to MTN Cyprus.

MTN Cyprus is an integral part of MTN Group, a multinational telecommunications operator with more than 185 million customers in 22 countries, 25,000 employees and annual revenues of €13,5 billion. MTN Group acquired its initial investment in MTN Cyprus in 2006 as part of a larger transaction where 100 per cent of Investcom LLC, a holding company of operations in 10 countries in Africa and the Middle East, was acquired.Since 2008,  MTN Cyprus has increased its market share from 14 per cent to 32.8 per cent – 316,000 subscribers on September 30, 2012.

The acquisition is subject to approval by the Commission for Protection of Competition of the Republic of Cyprus.

 

Source: Cyprus Mail

 

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