Telecel Buys MTN Stakes in Guinea-Bissau, Guinea-Conakry

March 29, 2024

By Adedapo Adesanya

Telecel Group has bought two West African subsidiaries from Africa’s largest wireless company, MTN Group Limited, as it scales operations ahead of an initial public offering (IPO) in three years.

The Africa-focused telecommunications company is buying MTN’s debt and equity in Guinea-Bissau and Guinea-Conakry.

This was disclosed by the telco’s Chief Executive Officer (CEO), Mr Moh Damush in an interview, without disclosing the size of the latest acquisitions.

This follows the purchase of Vodafone Group Plc’s operations in Ghana last year.

The firm will be looking at listing via IPO in 2027 with considerations in the United Arab Emirates and the United Kingdom.

“Dubai and London seem to be our preferred options for a listing,” Mr Damush said. “We are also interested in further developments in the next years that would allow considering African bourses.”

According to him, the telco will be looking to tap into prospects on the continent which is home to the youngest and fastest-growing population in the world.

Still, telecoms companies in these markets have to prepare for challenges including inadequate energy supply and catering to lower-income consumers.

The Telecel CEO said the firm is also looking at two other prospects on the continent.

Mr Darmush said the “next round of acquisitions will focus on financial services and tech companies that can add value to our investments.”

He also said that other than financing from shareholders, Telecel is also raising money from Africa-focused funds, banks, and equity investors for the acquisitions.

The firm has interests in several markets such as Ghana, Central Africa Republic, and Liberia.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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