Econet Wireless, the African mobile telecoms giant owned by Zimbabwean industrialist, Strive Masiyiwa is acquiring a 53% stake in Botswana’s largest mobile operator, Mascom Wireless, for an estimated $300 million.
In a statement issued by MTN on the sidelines of releasing its 2018 financials, the company says it is selling its stake in Mascom and withdrawing from the Botswana market as it seeks to reduce its operational footprint while embarking on a drive to raise at least $1.1 billion from asset sales to strengthen its balance sheet.
Strive Masiyiwa founded Mascom in the late 90s, before obtaining a license to launch Econet Wireless after a protracted court battle with Zimbabwean government authorities.
Masiyiwa subsequently sold a controlling stake in the business to Portugal Telecom and subsequently MTN, while Econet remained a minority shareholder.