MTN sells Guinea-Conakry business

The MTN Group has concluded the sale of its MTN Guinea-Conakry business to the State of Guinea, the company announced in a statement.

According to MTN Group President and CEO Ralph Mupita, the development is a significant milestone for MTN Guinea-Conakry.

“MTN Group Limited announces the conclusion of the sale of its operations in Guinea, to the State of Guinea, on 30 December 2024,” the MTN Group said.

“This milestone marks a new phase for MTN Guinea-Conakry under local ownership,” added Mupita.

The president and CEO said the sale also aligns with the company’s strategy to simplify its portfolio and allocate capital to markets where it can make a meaningful impact and ensure long-term growth and returns.

In May 2023, the company revealed that it was in advanced talks with the Axian Group regarding selling some of its West African markets, including MTN Guinea-Conakry.

It noted that the deal wasn’t finalised, and there was no guarantee it would proceed.

Then, in March 2024, the company announced that the Telecel Group had bought two West African units, Guinea-Bissau and Guinea-Conakry.

Telecel Group CEO Moh Damush said the African-focused telecoms company is buying MTN’s debt and equity in the regions. He didn’t disclose the size of the acquisitions.

Mupita is evaluating the company’s portfolio as it narrows its focus and resources on core markets, including MTN Nigeria and MTN Ghana, its biggest West African assets.

MTN operates in 19 countries in the region and has already exited certain Middle Eastern businesses such as Afghanistan, Yemen and Syria.