Africa-focused telecommunications company, Telecel Group, has bought assets of MTN Group in Guinea-Bissau and Guinea. In line with its plan to expand operations in the continent, Telecel is also preparing for its upcoming initial public offering (IPO) in the next two or three years.
According to the telecom company, the purchased assets include MTN’s debt and equity in Guinea-Bissau and Guinea. This acquisition follows Telecel’s previous purchase of Vodafone Group Plc’s operations in Ghana last year.
Commenting on the acquisition, Moh Damush, CEO of Telecel Group, revealed that the company is considering listing its shares in Dubai and London, signalling its preference for international stock exchanges.
Additionally, Telecel expressed interest in exploring listing opportunities on African bourses in the coming years, highlighting its commitment to leveraging the continent’s growing telecommunications market, Bloomberg first reported.
Africa’s youthful and rapidly expanding population presents a lucrative market for telecommunications companies like Telecel.
However, operating in African markets also entails challenges such as insufficient energy infrastructure and catering to consumers with lower income levels. Despite these challenges, Telecel remains optimistic about its growth prospects in the region.
According to reports, Telecel is eyeing further acquisitions, particularly in the financial services and technology sectors, to diversify its portfolio and enhance its value proposition to investors. Damush emphasized that the company is actively seeking financing from shareholders, Africa-focused funds, banks, and equity investors to support its expansion strategy.
Telecel, under the leadership of Damush along with partners Hugues Mulliez and Nicolas Bourg, has been steadily expanding its presence across multiple African markets, including Ghana, Central Africa Republic, and Liberia. With a focus on strategic acquisitions and potential listings on international and African stock exchanges, Telecel is poised to capitalize on the continent’s evolving telecommunications landscape to drive sustainable growth in the coming years.