MTN Hires JPMorgan To Advise On Fintech Arm Spin-off

JPMorgan Chase & Co JPM advised Africa’s leading phone company MTN Group Ltd 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 IHS that it could sell down.
Price Action: MTNOY shares traded lower by 8.17% at $11.80 on the last check Tuesday.