- JPMorgan Chase & Co (NYSE:JPM) advised Africa’s leading phone company MTN Group Ltd (OTC:MTNOY), on the planned spin-off of its financial technology business, Bloomberg reports.
- The fintech arm was worth $6 billion in 2021, Bloomberg noted.
- MTN looked to complete a carveout of the business by the end of the first half before seeking funds from outside investors later in the year.
- MTN explored potential deals, including possibly listing specific units in the future. It also weighed options for its data center business.
- FTI Consulting Inc advised MTN to boost revenues from its wholesale business and roaming agreements across its markets.
- MTN looked to raise 25 billion rands ($1.7 billion) from asset disposals.
- It agreed in November to sell a portfolio of wireless towers in its home market of South Africa for 6.4 billion rands.
- MTN also has a stake in New York-listed tower owner IHS Holding Ltd (NYSE:IHS) that it could sell down.
- Price Action: MTNOY shares traded lower by 8.17% at $11.80 on the last check Tuesday.
