MTN exits Afghanistan with sale to M1

MTN exits Afghanistan with sale to M1

MTN Group has named Lebanon’s M1 New Ventures as the buyer of its Afghan unit as it prepares to finalise its exit from the market.

The pan-African group has been gradually withdrawing from the Middle East since 2020 in a bid to refocus on its core African markets. In August 2022, it announced that it had found a buyer for its Afghanistan operations, although it did not identify the interested party.

M1 is now set to acquire MTN Afghanistan for US$35 million, although the deal must receive regulatory clearance. M1 Group has also recently acquired Telenor’s Myanmar operations following the Norwegian group’s exit from the market.

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