MTN to tap into internet in Iran

Company officials to finalise Iranian Net share purchase later this month

MTN Group Ltd. is near an agreement with the Iranian government to acquire a 49 per cent stake in a state-owned internet provider as Africa’s biggest wireless carrier by sales seeks to expand in a fast-growing yet politically challenging market, according to two sources.

Company officials are planning a meeting with Minister of Communications and Information Technology Mahmoud Vaezi later this month to finalise the purchase of shares in Iranian Net, said the people, who asked not to be identified because the talks are private. The move will help smooth the process of repatriating funds from the Middle Eastern country as the government would prefer some profit to be invested locally, one person said.

The purchase of the stake in Iranian Net is expected to be completed before the end of the first quarter, one of the people said.

US-led international sanctions on Iran were lifted in April following a deal intended to prevent the country from building a nuclear weapon. President Donald Trump has repeatedly criticised the agreement, putting its future in doubt.