Business

MTN taps JPMorgan to separate fintech unit

MTN Group Limited, Africa’s largest phone company, is working with advisers at JPMorgan Chase & Co. on the planned separation of its financial technology business, people with knowledge of the matter said.

 

The carrier said last month it aims to complete a carveout of the business by the end of the first half before seeking funds from outside investors later in the year. Last year, Nedbank Group Ltd. estimated the fintech arm could be worth about $6 billion.

 

According to Bloomberg News, MTN is studying a variety of potential deals, including bringing in partners for some of its businesses as well as possibly listing certain units in the future, to unlock value and pay down debt.

 

The carrier is also exploring options for its data center business, the people said, asking not to be identified because the information is private.

 

The telecom carrier is separately working with FTI Consulting Inc. to find ways to boost revenues from its wholesale business and roaming agreements across the markets where it operates, one of the people said.

 

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