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Mastercard to purchase a minority stake in MTN’s $5.2B fintech business
Variety and Tech
2023-08-14 | 07:52
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Mastercard to purchase a minority stake in MTN’s $5.2B fintech business
Mastercard has agreed to purchase a minority stake in the fintech division of MTN Group, Africa’s largest cellphone provider, which it values at $5.2 billion. The signing of the formal investment agreements will likely occur very soon as both parties near the end of the regular due diligence process; the investment will be closed subject to usual closing conditions, MTN announced in a statement on the company’s half-year financial performance posted on Monday.
According to MTN Group President and CEO Ralph Mupita, the deal will be structured as a commercial partnership on payments and remittances employing Mastercard’s technical infrastructure to develop throughout Africa and an investment in a minority share. He stated that the share size would be announced after completing the transaction, per Bloomberg.
“We delivered a resilient performance in H1 23 and made good strategic progress against a tough macro backdrop. In South Africa, we were very encouraged by the improved network availability on the back of our power-resilience investment, resulting in a stronger Q2 23 performance than Q1 23,” Mupita said in the statement. “In Nigeria, we delivered a very strong operational result, having navigated the cash shortages in Q1 23 and increased inflation. The policy changes implemented in Nigeria in Q2 ’23 have short-term negative impacts, but we see these as being very constructive for the investment climate in the medium to longer term.”
Read the full story at:
https://techcrunch.com/2023/08/14/mastercard-to-purchase-a-minority-stake-in-mtns-5-2b-fintech-business/
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