MTN signs non-binding agreement to invest in Iranian Net

MTN has signed a non-binding preliminary agreement to invest in Iranian Net.

The operator will invest approximately R540 million into the Iranian fixed broadband provider for a 49% stake.

Further investments of approximately R3.4 billion in equity and loans to facilitate Iranian Net meeting its roll-out targets over the next five years are also planned.

“The preliminary agreement remains subject to finalising suitable transaction agreements. Iranian Net has a national licence for the construction and operation of an optical data transmission network and fibre optic access network across Iran,” said MTN.

“This investment represents an opportunity to capitalise on the continued strong growth expected in the Iranian broadband market.”

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MTN signs non-binding agreement to invest in Iranian Net