MTN Group announced on Monday that its subsidiary, MTN Dubai, has agreed to sell 100 percent of MTN Cyprus to Monaco Telecom S.A. for €260 million, approximately R4,1 billion,as part of an ongoing review of its portfolio. MTN said that the net sale proceeds will be paid upfront in cash, valuing MTN Cyprus at approximately eight times the reported earnings before interest, taxes, depreciation and amortization in 2017.

In addition, MTN said it has agreed to allow Monaco Telecom to use the MTN brand in Cyprus for up to three years in return for a commercial fee. MTN said that the transaction, which allows it to realize an attractive valuation for the asset, is expected to close within the third quarter of 2018.

- African News Agency (ANA)