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MTN Sells Stake in Amadeus Fund and Travelstart to HarbourVest

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MTN says it will raise R1.2bn by selling its interests in investment fund Amadeus and online travel platform Travelstart.

The mobile operator said in March it planned to raise R15bn ($83 million) through asset sales over three years. It said that it would sell its interests in Amadeus and Travelstart to HarbourVest, a global private equity firm.

The transaction was expected to close within the next three months. MTN would maintain its commercial relationship with Travelstart after the sale, it said.

MTN’s shares were 0.2% down at R99.32 in early trade on Tuesday. The stock fell 0.8% on Monday after the group announced that Nigerian authorities were investigating its listing in that market.

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