Monday said it had signed an initial agreement with global payments giant Mastercard to sell a minority stake in itsMTN had been trying to unlock value in its financial technology and payments arm amid crippling power cuts that have forced it to set aside extensive capital for backup power systems.
The country’s second largest telecommunications company said it had signed a memorandum of understanding with Mastercard for a minority investment in its fintech arm, valuing it at around US$5.2-billion dollars, almost 40% of MTN’s total market value.
“MTN and Mastercard have further signed a memorandum of understanding, which provides for a minority investment by Mastercard into group fintech based on a total enterprise valuation of about US$5.2-billion for the business on a cash- and debt-free basis,” it said.“Signing of the definitive investment agreements is expected to occur in the very near term as we approach finalisation of customary due diligence. The closing of the investment will be subject to customary closing conditions.
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Mastercard to acquire minority stake in MTN’s fintech businessAfrica’s largest provider of telecoms services reaches an agreement with Mastercard for a minority investment to support the acceleration of its payments and remittances verticals.
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