Monaco Telecom announced that it has reached an agreement with MTN Group to purchase the entire issued share capital of MTN Cyprus for about $304 million (R4.1billion).
Monaco Telecom is one of the fastest growing mobile and fixed operator in Cyprus with more than 400,000 customers and 2017 Revenues of EUR 123 million. The transaction is expected to close in the third quarter of 2018.
The move forms part of Monaco Telecom’s strategy to build a regional presence in the Mediterranean Basin. Monaco Telecom has a long tradition of innovation in mobile, fixed broadband and pay-TV and is now expanding into new markets where it can offer customers innovative products & services relying on high quality broadband networks.
Martin Peronnet, CEO of Monaco Telecom
The Company has an excellent management team and, relying on its state of the art mobile network, it has achieved strong growth over the past few years. MTN Cyprus is a perfect fit with our industrial vision to offer high quality services in both fixed and mobile to our customers.