Emerging Capital Partners (ECP) has exited Ivory Coast-based mobile network operator MTN Côte d’Ivoire for a return of 2.6 times after six years of ownership.
The private equity firm said the sale of MTN, which provides fixed line, mobile and internet services to more than 6.5m subscribers, returned more than $80m in capital.
Director in the Abidjan office at Emerging Capital Partners Brice Lodugnon said, “Throughout our history, ECP has made six successful investments and exits in Africa’s high-growth mobile telecommunications sector.
“The success shown by MTNCI over the holding period continues this trend and demonstrates the growth and resiliency of the sector.
“This is particularly true given the global financial crisis and the Ivorian political conflict, which both occurred during the investment holding period. For this, we congratulate the management team.”
ECP’s previous exit deals in the African mobile telecom sector included Celtel International, Telecel Faso, Orascom Telecom Algeria, and Sonatel. The firm is still invested in Cellcom, a mobile operator in Guinea and Liberia and Airtel Gabon.
In September this year it was reported that ECP had started pre-marketing for a new vehicle which could target up to $750m.
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