Africa's largest mobile operator MTN has reached an agreement to purchase a 49% share of Irancell and has deposited a US$ 354.6 million license fee to run Iran's second private mobile network.
"The Ministry (of Communications and Information Technology of Iran) is currently in the process of issuing the license to Irancell, and a further announcement will be made when appropriate," MTN said.
Analysts say Iran is a key deal for MTN, which has been searching for new opportunities throughout Africa and the Middle East. MTN’s main markets – South Africa and Nigeria – are maturing fast.
Iran’s original foreign partner in the US$ 2.0 billion project was Turkcell, which argues nothing can be finalised until a court rules on whether or not it was illegally replaced by MTN. With only 5.6 million mobile users out of a population of 69 million, Iran’s market is appealing to foreign investors despite its political and commercial obstacles.
Source: Reuters - WDR/Intelecon Regulatory News
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