South African mobile operator MTN has acquired a 25% stake in MTN Rwandacell from the Rwanda government and private investment company Crystal Ventures.
In a statement, MTN said that the deal had been concluded last week and brokered by Moscow-based…
South African mobile operator MTN has acquired a 25% stake in MTN Rwandacell from the Rwanda government and private investment company Crystal Ventures.
In a statement, MTN said that the deal had been concluded last week and brokered by Moscow-based investment bank Renaissance Capital.
As a result of the acquisition MTN Group has increased its stake from 55% to 80%. Crystal Ventures retains control of the other 20%.
Sifiso Dabengwa , president and CEO of MTN Group, said: “Our increased investment in MTN Rwanda demonstrates our strong commitment to Rwanda and the broader East African region.”
Rwanda’s Minister of Finance, John Rwangombwa, said that MTN Rwanda had been “an excellent investment” for the government since 1998, but that the government had indicated for some time its desire to no longer participate in the sector as an investor.
“We are pleased that we have been able to reach agreement with MTN on the terms of our exit,” he said.
