Deals
MTN Close to Buying Stake in Iranian State Internet Provider
- South African carrier seeking to buy 49% of Iranian Net
- MTN in process of taking equivalent of $1 billon out of Iran
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MTN Group Ltd. is near an agreement with the Iranian government to acquire a 49 percent stake in a state-owned internet provider as Africa’s biggest wireless carrier by sales seeks to expand in a fast-growing yet politically challenging market, according to two people familiar with the matter.
Company officials are planning a meeting with Minister of Communications and Information Technology Mahmoud Vaezi later this month to finalize the purchase of shares in Iranian Net, said the people, who asked not to be identified because the talks are private. The move will help smooth the process of repatriating funds from the Middle Eastern country as the government would prefer some profit to be invested locally, one person said.