MTN Group formalises agreement to exit its operation in Syria

MTN Group has formally concluded its multi-year strategic imperative to streamline its portfolio, divesting its 75% equity interest in MTN Syria for $65 million. This transaction marks MTN Group's complete exit from the Syrian mobile market, aligning with its stated goal of exiting non-core, high-risk operational geographies. The $65 million deal for the controlling stake in MTN Syria directly executes MTN Group's strategy to simplify its asset base. For MTN Group, a multinational mobile telecommunications company connecting approximately 280 million people across 19 countries, this divestment frees capital and management focus from a challenging operating environment. TeleInvest, a Syrian investment firm, acquired the 75% equity interest in MTN Syria, consolidating local control over the mobile operator. This acquisition provides TeleInvest with a controlling stake in the Syrian mobile market. For MTN Group, this divestment allows the multinational mobile telecommunications company to reallocate capital and management attention towards its core operations serving approximately 280 million people in 19 countries across Africa and the Middle East. The transaction concludes MTN Group's multi-year effort to exit non-core, high-risk geographies, aligning its portfolio with its strategic focus on voice, data, and financial services.