MTN raises Nigerian stake

4 Oct 2006

South African cellco MTN Group has announced it will be purchasing a further 6.98% of its subsidiary MTN Nigeria, taking the total holding to 81.87%. The company will pay USD348.9 million for the stake, to be funded via a cash payment of USD287.8 million and a share issue. According to TeleGeography’s GlobalComms database, MTN Nigeria is the country’s largest mobile operator with a 41% market share at the end of June 2006.

Nigeria, MTN Group, MTN Nigeria