MTN Group to buy 40% stake in Iranian broadband provider for R540m

Telecommunications giant MTN Group on Monday signed a nonbinding preliminary agreement to invest R540-million into Iranian fixed broadband provider Iranian Net for a 49% stake in the company. Further investments of R3.4-billion in both equity and loans will also be made over the next five years to facilitate Iranian Net meeting its roll-out targets.

“This investment represents an opportunity to capitalise on the continued strong growth expected in the Iranian broadband market, with an initial focus on eight of the main cities,” MTN said in a statement. Advertisement

MTN in November last year revealed plans to expand its activities in Iran.

Subsidiary company MTN Irancell in February also invested in Iran Internet Group, which owns ride-hailing service Snapp.

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