South Africa’s MTN Group has entered into an agreement to acquire 50% equity in MTN Cyprus from, Amaracos Holdings, a company representing the interests of the Shacolas Group and the Panos Germanos Group in MTN Cyprus.
MTN Group owns 50 percent of MTN Cyprus but the transaction will make it own MTN Cyprus 100 percent.
The move forms 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 President and CEO, Mr. 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 MTN Group markets in future”.
Confirming the strong, trusted relationships that were built up in the years of MTN’s partnership with Amaracos, both the Shacolas Group and the Germanos Group have confirmed that they will continue to provide their support to MTN Cyprus.
MTN Cyprus is an integral part of MTN Group, which is 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% of Investcom LLC, a holding company of operations in 10 countries in Africa and the Middle East, was acquired. Since 2008, MTN Cyprus has grown its market share from 14% to 32,8% and subscribers from 105 000 to 316 000 as at 30 September 2012.
The acquisition is subject to approval by the Commission for Protection of Competition of the Republic of Cyprus.