Telecommunications giant, MTN Group has dropped its plan to sell 53% of its equity stake in Mascom Wireless Botswana over the inability to meet with certain conditions regarding the transaction.
The canceled transaction is coming at a time when MTN is concerned with diverting its attention to high growth markets, after clashes with regulators in Nigeria, Uganda and other countries stunted its expansion plans.
The deal was expected to give Mascom Wireless Botswana $300 million if successful.
The Chief Financial Officer for the telco group, Ralph Mupita stated that since the bid for MTN’s stake in the Botswana firm was unsolicited for, the deal was no longer up for sale. However, Mupita added that if a buyer came with an attractive offer, they might consider it.
“In the longer term, if somebody came with a very attractive offer for the business, we’ll apply our minds then,” he said.