May 8, 2017 / 10:56 AM / 3 months ago

South Africa's MTN to pay $40 mln for stake in Iranian Net

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JOHANNESBURG, May 8 (Reuters) - South Africa's MTN Group has agreed to buy a 49 percent stake in fixed broadband provider Iranian Net for 540 million rand ($40 million), it said on Monday.

It said it would invest an additional 3.4 billion rand in equity and loans to facilitate Iranian Net's rollout targets over the next five years.

$1 = 13.5426 rand Reporting by Tiisetso Motsoeneng; editing by Jason Neely

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