MTN Group, the largest network operator in Africa by subscriber base, has announced the successful completion of the sale of its operations in Guinea (known as “MTN Guinea-Conakry”) to the government of Guinea.
The company made this announcement in a statement released on Thursday, which was obtained from its website.
The deal, concluded on December 30, 2024, is in line with MTN’s ongoing strategy of portfolio optimization and simplification, as part of its broader Ambition 2025 objectives.
MTN Group President and CEO, Ralph Mupita, expressed, “This milestone marks a new phase for MTN Guinea-Conakry under local ownership, and we extend our gratitude to the staff, customers, regulators, and broader stakeholders in Guinea for their support throughout MTN’s operations in the country. Concluding this transaction is part of our strategy to simplify our portfolio and allocate capital to markets where MTN can make a significant impact and achieve long-term growth and returns.”
During a media briefing in Johannesburg in August 2024, Mupita outlined the reasons for exiting smaller markets.
“Considering our risk management framework, some markets are challenging, and we recognize that we may not be the best owners of these businesses. They are subscale and lack the ability to fund their own growth,” he explained.
The company had previously disclosed its plan to sell its equity interests in Guinea-Conakry and Guinea-Bissau in a financial report released in 2023.
In the report, MTN confirmed that it had accepted an undisclosed offer from Telecel, an Africa-focused telecommunications operator, to acquire its interests in both Guinea-Bissau and Guinea-Conakry.
MTN also indicated that, as of December 31, 2023, the Guinea-Bissau and Guinea-Conakry operations were classified as held for sale.
The report further mentioned that Telecel, which has a strong presence across Africa, is well-positioned to drive growth and contribute to the technological and economic advancement of these markets.
The Breakdown
- MTN Group, which is Africa’s largest mobile phone company, had operations in Guinea, called MTN Guinea-Conakry.
- Back in 2023, MTN announced that it was planning to sell its business in Guinea, as part of its strategy to focus on other markets.
- In 2023, MTN revealed they were selling their Guinea operations (MTN Guinea-Conakry) to another company called Telecel, which is a telecommunications company focused on Africa.
- They also planned to sell their business in Guinea-Bissau.
The Guinea businesses were officially put into a category called “held for sale” by MTN at the end of 2023, meaning they were preparing to sell them off.
The sale was officially completed on December 30, 2024, when MTN’s operations in Guinea were handed over to the government of Guinea.