Telecel Group, an Africa-focused telecommunications company, has purchased MTN Group’s operations in Guinea-Bissau and Guinea-Conakry as part of its expansion strategy ahead of an initial public offering (IPO) in three years.
Telecel Group Expands in West Africa with Acquisition of MTN’s Units
CEO Moh Damush confirmed the acquisition of MTN’s debt and equity in the two West African units, following Telecel’s acquisition of Vodafone Group’s operations in Ghana last year.
While the size of the latest acquisitions was not disclosed, Damush stated that Telecel is eyeing a listing on either the Dubai or London stock exchanges, with potential consideration for African bourses in the future.
Africa’s young and rapidly growing population presents opportunities for telecom companies, despite challenges such as energy supply constraints and catering to lower-income consumers.
Damush Emphasized that Telecel is Raising Funds
Telecel is also exploring additional prospects on the continent, focusing on financial services and tech companies to complement its investments.
Damush emphasized that Telecel is raising funds from shareholders, Africa-focused funds, banks, and equity investors to finance these acquisitions.
Telecel Group was acquired by Moh Damush and partners Hugues Mulliez and Nicolas Bourg in 2017 and operates in various markets across Africa, including Ghana, the Central African Republic, and Liberia.
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