South Africa’s MTN Group has revealed plans to spend up to $8bn on acquisitions. The firm is currently looking for potential targets in the Middle East and Southeast Asia.
The company is already one of the companies shortlisted to bid for a licence in Myanmar, according to a report by Reuters.
The company’s Chief Executive Officer, Mr. Sifiso Dabeng, told the Reuters Africa Investment Summit that “Growth through merger and acquisition is still an important part of our strategy,” adding that deals in the region of $4bn to $8bn was something the company could look at.
The company currently has a market capitalisation of $34bn.
However, the company is facing a multi-billion dollar lawsuit over how it acquired its operating licence in Iran, and may have to sell up if United States sanctions are intensified.
Previous attempts to merge with India’s Bharti Airtel were blocked by South African government.