MTN Group to sell stakes in Amadeus

MTN

South Africa’s MTN Group Limited has announced that it plans to divest from Amadeus.

Amadeus is an aviation software company with various investment in the global aviation technology industry

MTN Group is Africa’s largest mobile carrier having the same leadership in Nigeria where it currently has over 60 million subscribers.

MTN said in a statement that it plans to sell its stake to a private equity firm, HarbourVest.

The sale will include MTN’s stake in TravelStart, a travel booking website with operations across Africa. The divestment is valued to fetch MTN about $83 million.

MTN said it going to use proceed to reduce its risk by raising up to close $1 billion.

Amadeus on its own had in recent times increased its investment in TraveStart. In 2016, Amadeus and MTN invested $40 million in TravelStart.

MTN has not mentioned any plan to sell some of its largest technology investment such as Jumia where its stake was valued at over $600 million at the time the eCommerce company listed on the New York Stock Exchange, last month.

However, MTN said recently said that it does not plan to sell its stake in the loss-making eCommerce company.