MTN Group Edges Closer To Acquiring A 49% Stake In Iran's State Owned Internet Service Provider

MTN Group is reported to be closer to reaching an agreement with Iran’s government to acquire a 49 per cent stake in the state-owned internet service provider, Iranian Net.

“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,”Chris Maroleng, Spokesperson at MTN Group

It is expected that MTN Group officials will be meeting with Iran’s Minister of Communications and Information Technology, Mahmoud Vaezi, sometime in February 2017 to finalise the purchase of shares in Iranian Net according to reports.

Word of the acquisition talks started last year with the deal expected to be concluded before the end of the first quarter of 2017.

MTN Group already has a 49 per cent stake in Iran’s mobile service provider, Irancell Telecommunication Services Co., Added to that, they (MTN Group) also reached an agreement in October 2016 to invest approximately 20 million euros in Snapp.ir,, Iran’s republic’s first cab-hailing smartphone application.

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