By Pietro Lombardi

Swisscom AG and MTN Group Ltd. are selling their stakes in Belgacom International Carrier Services to main shareholder Proximus, meaning it will hold 100% of the company.

Swisscom is selling its 22.4% stake for roughly 110 million euros ($132.6 million) and said Tuesday that its commercial contracts with BICS remain in place.

"Swisscom believes this is the right time to sell its stake as it wishes to invest only in strategically relevant businesses," it said.

MTN Group is selling a 20% stake for around EUR100 million, which it will use in part to pay debt in U.S. dollars.

Proximus said the deals give it the flexibility it needs to develop the business.

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

(END) Dow Jones Newswires

February 09, 2021 02:50 ET (07:50 GMT)

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