As part of MTN’s asset realisation programme, the telco giant has agreed to sell all of its interests in investment fund Amadeus and its associated holding in Travelstart to HarbourVest, a global private equity firm, for net proceeds of approximately ZAR 1.2 billion.
Travelstart had in 2016, secured a strategic partnership with Telecoms giant, MTN.
This transaction is expected to close within the next three months. MTN said it will maintain its commercial relationship with Travelstart going forward.
HarbourVest is an independent, global private markets investment specialist with 36 years of experience and more than $58 billion in assets under management, as of 31 December 2018.
HarbourVest will support Travelstart’s further expansion in geographies and growth in new verticals in the continents $194 billion tourism and travel market.
“The partnership with HarbourVest is a confirmation of the future opportunity in online travel in this continent, our business and our team,” says Stephan Ekbergh, founder and CEO of Travelstart. “We are very excited to have them on board.”
