Mastercard to Purchase a Minority Stake in MTN’s $5.2 Billion Fintech Business
Mastercard has agreed to purchase a minority stake in the fintech division of MTN Group, Africa’s largest cell phone provider, which it values at $5.2 billion. The signing of the formal investment agreements will likely occur very soon as both parties near the end of the regular due diligence process; the investment will be closed subject to usual closing conditions, MTN announced in a statement on the company’s half-year financial performance posted on Monday.
Photo courtesy of John O’Bryan.
Source: Tech Crunch (link opens in a new window)
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- Telecommunications
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- corporations, fintech, remittances
