MTN to sell stake in Amadeus fund and Travelstart, raising R1.2 billion

The sale is part of a plan to raise R15 billion worth of capital.

South Africa-headquartered MTN said on Tuesday that it will raise R1.2 billion through the sale of its interests in investment fund Amadeus to private equity firm HarbourVest.

MTN’s sale of Amadeus will also include the sale of its shareholding in online travel booking website TravelStart.

The sale of Amadeus and TravelStart are part of MTN’s plan to realise R15 billion worth of capital over the next three years, simplify its portfolio and reduce risk.

The transaction was expected to close within the next three months, MTN said.  The company added that it would maintain its commercial relationship with Travelstart after the sale.