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MTN Group selling stake in Amadeus to HarbourVest Partners

South Africa-based telco MTN Group Ltd. agreed to sell its stake in investment fund Amadeus to Boston-based private equity firm HarbourVest Partners LLC for 1.2 billion rand, Reuters reported May 28.

Under the deal, MTN Group will also sell its associated holding in online travel booking website TravelStart.

The potential sale is part of the company's strategy to realize 15 billion rand worth of capital over the next three years, according to the report.

As of May 28, US$1 was equivalent to 14.71 South African rand.