MTN and Monaco Telecom have agreed on the acquisition of the entire issued share capital of MTN Cyprus by Monaco Telecom. The transaction is expected to be completed in the third quarter of 2018.
Monaco Telecom is the incumbent operator of the Principality of Monaco. It has a long tradition of innovation in mobile, fixed broadband and pay-TV and is currently expanding into new markets where it can offer innovative products and services to its customers, relying on high quality broadband networks. It is a member of NJJ Holding.
NJJ is an ambitious European family of telecoms companies, consisting of leading operators in the markets of Switzerland, Ireland, Monaco and -from now on- Cyprus. It owns the majority of Monaco Telecom; the State of Monaco holds the remaining.
MTN Cyprus is considered a key player for the expansion of Monaco Telecom’s strategy to build a regional presence in the Mediterranean Basin. The Cypriot company was carefully selected as a target after a long observation period because of its potential and prospects.
MTN Cyprus is the fastest growing operator in the country, recording an over 20% base increase in the last years and revenues of EUR 123 million in 2017. This very performance comes as a result from a conscientiously designed strategy and investment plan. MTN Cyprus has become synonymous with innovation and pioneering technologies in the country, while its key achievements and milestones were part of the main selection criteria by the new investors.
Commenting on the transaction, Martin Peronnet, CEO of Monaco Telecom, stated: “We are very pleased with the acquisition of MTN Cyprus. The Company has an excellent management team and, relying on its state of the art mobile network, it has achieved strong growth over the past few years. MTN Cyprus is a perfect fit with our industrial vision to offer high quality services in both fixed and mobile to our customers.”
Philip Van Dalsen, outgoing CEO of MTN Cyprus, said: “Today marks an important milestone for MTN Cyprus, its customers, personnel and indeed for Cyprus itself. Monaco Telecom has developed innovative solutions and a strong technological approach to telecommunications – this is an ideal match as MTN Cyprus is a telecoms pioneer in Cyprus. I assure that the adaptation to the new family of companies is going to be smooth and seamless”.
Mr. Van Dalsen, after 5 years building the company to where it is today and establishing it as the first of choice operator for the Cypriot Community, will continue to serve his duties until the completion of the transaction and handover upon he will return to MTN.
Monaco Telecom is the incumbent operator of the Principality of Monaco, delivering fixed, internet, TV, mobile services, as well as international data connectivity, housing and cloud services. Monaco Telecom has developed a strong technological approach to telecommunications: in April 2017, Monaco Telecom was the first operator to launch a commercial 1Gbs 4G mobile network; and in fixed broadband, it provides 1Gbs access to all households.
MTN Cyprus launched its commercial operations in Cyprus in July 2004 – after having won the auction for the second mobile license – and quickly became one of the leading operators in Cyprus. Over the past 5 years, the Company grew its mobile market share by 7 percentage points and it posted Revenues of EUR 123 million in 2017.