MTN still has appetite for acquisitions

South Africa’s MTN Group has revealed that it could spend up to US$8 billion on acquisitions and is currently looking for potential targets in the Middle East and Southeast Asia.

The company is already shortlisted to bid for a licence in Myanmar.

The company’s CEO, Sifiso Dabengwa told the Reuters Africa Investment Summit that "growth through M&A is still an important part of our strategy," adding that deals in the region of US$4-8 billion is something the company could look at.

MTN Group currently has a market capitalisation of US$34 billion.

However, MTN Group is facing a multi-billion lawsuit over how it acquired its operating licence in Iran, and may have to sell up if US sanctions are intensified.