MTN Group Ltd., Africa’s largest mobile operator, is reportedly in advanced talks to sell some of its assets to Axian Group Ltd. Negotiations on the prices of MTN’s assets in Liberia, Guinea-Bissau, and Guinea-Conakry are ongoing, the three West African countries accounted for 1.6% of MTN’s revenue in 2022.
MTN is one of the most valuable companies in Africa, with a significant presence in 19 countries in the region. The company’s mobile phone services have become an essential part of everyday life for millions of people. It has consistently been a top performer in the annual ranking of Africa’s top 250 listed companies by African Business.
The reason behind the sell out is because MTN revenue has fallen from $701 billion to $561 billion since last year’s survey, impacting MTN’s overall value. The deal, which has not yet been finalised.
The sell out is one among MTN strategy of rectifying this challenging conditions. Meanwhile, MTN’s Chief Executive Officer Ralph Mupita has been evaluating the company’s portfolio. The company will now narrows its focus and resources on core markets, which include its biggest West African assets Nigeria and Ghana.