MTN Sells Afghan Unit to Beirut Firm in New Middle East Exit
- Largest African phone group sells unit to M1 Group of Lebanon
- Company also in talks with strategic investors on fintech unit
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MTN Group Ltd. is selling its Afghanistan business to Beirut-based M1 New Ventures for $35 million as Africa’s largest wireless carrier continues to reduce its presence outside the continent.
The Johannesburg-based company announced the deal Friday alongside third-quarter results. The M1 Group is owned by Lebanon’s Mikati family, who sold Middle East assets to the South African company in 2006, when MTN was seeking to expand in the region.