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South Africa’s MTN looks to sell off subsidiaries in Liberia, Guinea, Guinea-Bissau

By Quentin Velluet

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Posted on May 23, 2023 11:49

 Axian CEO Hassanein Hiridjee in Paris, November 2021. ©Bruno Levy for Jeune Afrique
Axian CEO Hassanein Hiridjee in Paris, November 2021. ©Bruno Levy for Jeune Afrique

A partial exit from West Africa looks to be in the cards for Africa’s largest mobile network operator MTN.

As it was announcing its results for the first quarter of 2023, MTN said it was considering an offer from Madagascar conglomerate Axian to acquire the South African group’s subsidiaries in Guinea, Guinea-Bissau and Liberia.

“The agreement has not been finalised and there is no guarantee that the transaction will take place,” says US news agency Bloomberg.

The head of Axian, Hassanein Hiridjee, told us he did not wish to comment “beyond what has been written [by MTN]”. Two experts in the sector, well aware of the movements of mergers and acquisitions, say they have no information on these negotiations, which are being conducted in strict confidence.

Withdrawal from the Middle East

MTN operates in 18 countries, 17 of which are in Africa. The group has been implementing its new ‘Ambition 2025’ strategy for the past three years, reviewing its portfolio to focus on its most dynamic markets

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