MTN very likely to buy large stake in Iran’s state-owned internet provider
A source says the move will help smooth the process of repatriating MTN funds from Iran, as that government would prefer some profit to be invested locally
MTN Group is near an agreement with the Iranian government to acquire a 49% stake in a state-owned internet provider, as Africa’s biggest wireless carrier by sales seeks to expand in a fast-growing yet politically challenging market, according to two people familiar with the matter. Company officials are planning a meeting with minister of communications and information technology Mahmoud Vaezi later in February to finalise the purchase of shares in Iranian Net, said the people, who asked not to be identified because the talks are private. The move will help smooth the process of repatriating funds from the Middle Eastern country as the government would prefer some profit to be invested locally, one person said. "MTN continues to see growth potential in Iran and we look at opportunities on an ongoing basis to build on and complement our existing footprint," spokesperson Chris Maroleng said in e-mailed comments. A deal would fuel MTN’s expansion in a market that opened up to foreign ...
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