MTN Group has signed an agreement to invest approximately R540 million(US$39.8 million) for a 49% stake in Iranian Fixed Broadband Provider, Iranian Net.
Iranian Net has a national licence for the construction and operation of an optical data transmission network and fibre optic access network across Iran.
The investment, should it be completed, represents an opportunity for the South African-headquartered group to capitalise on the continued strong growth expected in the Iranian broadband market, with an initial focus on eight of the main cities.
MTN said it will make further investments of approximately R3,4 billion in both equity and loans to facilitate Iranian Net meet its rollout targets over the next five years.
