African Operator Telecel acquires MTN assets amid IPO drive
Telecel Group, an Africa-focused telecommunications company, has recently acquired two West African units from MTN Group Ltd., Africa’s largest wireless company, in preparation for its upcoming initial public offering (IPO) within the next three years.
The purchased assets include MTN’s debt and equity in Guinea-Bissau and Guinea-Conakry, marking another strategic move by Telecel to expand its operations in the region. This acquisition follows Telecel’s previous purchase of Vodafone Group Plc’s operations in Ghana last year.
Moh Damush, CEO of Telecel Group, revealed that the company is considering listing its shares in Dubai and London, signalling its preference for international stock exchanges.
Additionally, Telecel expressed interest in exploring listing opportunities on African bourses in the coming years, highlighting its commitment to leveraging the continent’s growing telecommunications market, Bloomberg first reported.
Africa’s youthful and rapidly expanding population presents a lucrative market for telecommunications companies like Telecel.
However, operating in African markets also entails challenges such as insufficient energy infrastructure and catering to consumers with lower income levels. Despite these challenges, Telecel remains optimistic about its growth prospects in the region.
What we know
Looking ahead, Telecel is eyeing further acquisitions, particularly in the financial services and technology sectors, to diversify its portfolio and enhance its value proposition to investors. Damush emphasized that the company is actively seeking financing from shareholders, Africa-focused funds, banks, and equity investors to support its expansion strategy.
Telecel, under the leadership of Damush along with partners Hugues Mulliez and Nicolas Bourg, has been steadily expanding its presence across multiple African markets, including Ghana, Central Africa Republic, and Liberia. With a focus on strategic acquisitions and potential listings on international and African stock exchanges, Telecel is poised to capitalize on the continent’s evolving telecommunications landscape and drive sustainable growth in the coming years.
Download Nairametrics App for breaking news and market intelligence.
Full Story: https://nairametrics.com/2024/03/28/african-operator-telecel-acquires-mtn-assets-amid-ipo-drive/
TAGS: #African #Operator #Telecel #acquires #MTN #assets #IPO #drive
Leave a Reply