MTN Group has named Lebanon’s M1 New Ventures as the buyer of its Afghan unit as it prepares to finalise its exit from the market.
The pan-African group has been gradually withdrawing from the Middle East since 2020 in a bid to refocus on its core African markets. In August 2022, it announced that it had found a buyer for its Afghanistan operations, although it did not identify the interested party.
M1 is now set to acquire MTN Afghanistan for US$35 million, although the deal must receive regulatory clearance. M1 Group has also recently acquired Telenor’s Myanmar operations following the Norwegian group’s exit from the market.