Martin Péronnet, CEO of Monaco Telecom reveals the reasons why the company invested in Cyprus’ telecommunications market almost a decade ago and elaborates on how the experience here has led the company to further investments.
Speaking to GOLD magazine on the occasion of the company receiving an Invest Cyprus International Investment Award, Péronnet, among other things, also talks about how Cyprus' telecoms space has changed, as well as sharing some of what the future holds for Monaco Telecom.
In 2018, Monaco Telecom made a major investment in the Cypriot telecommunication market with the acquisition of MTN Cyprus (Epic). How has Monaco Telecom grown since the acquisition?
The 100% acquisition of Epic was our first majority stake outside Monaco, reflecting the strategy set out by our two shareholders. Since then, Epic has grown both in market share and impact on the market and is now recognised as the major alternative telecom operator in the country. Guided by our core promise of “Great Network, Great Value,” Epic has been awarded eight times by the internationally acclaimed organisations Ookla and umlaut since 2020, being recognized as for ‘Best Mobile Network in Cyprus’, ‘Fastest Mobile Network in Cyprus’ and ‘Fastest Fixed Internet Network in Cyprus’. Our fiber network is rapidly expanding across the island while our customer service has been rated first. We are impressed by the company’s high-calibre teams and the exceptional results delivered.
Why did you choose to invest in Cyprus and what’s your assessment of the country’s business landscape?
Our priority was to invest in a dynamic and thriving EU destination, with a focus on the Mediterranean, to capitalise on its proximity to our culture and our values. We had been impressed by the resilience of the Cypriot economy but also by the stability of its political environment and the quality of its regulation. We wanted a perfect match for our first international investment and Cyprus was the obvious choice.
You work to provide higher-speed coverage in the geographies you are involved in. How has Cyprus changed in terms of the telecoms space since your acquisition of Epic and how can connectivity be made more efficient?
Together with the Epic team, we have been constantly committed to providing superior connectivity. This has led to a complete redesign of the mobile network, with a better granularity, delivering higher speeds and consistent quality nationwide. With a robust 5G network at its core, Epic continues to innovate, ensuring that our customers enjoy an unparalleled experience. Furthermore, our investment in a super-high-speed 100% fiber optic network that offers 5Gbps has transformed the digital landscape, providing customers with an extraordinary leap forward in connectivity, compared to what was available only a few years ago.
What does the future hold for Monaco Telecom?
Building on our success in Cyprus, we have expanded our investment to Malta, where Epic Malta is now the number one mobile provider. Together, Cyprus, Malta and Monaco now form a rapidly growing telecom group in the Mediterranean, supported by the expertise and investment capabilities of NJJ, our majority shareholder and a major player in the global telecom industry. This gives us the capacity to innovate swiftly and focus on what really matters for our customers.
Monaco Telecom provides broadband, TV, mobile and B2B services, with a strong international approach. Headquartered in Monaco, it is co-owned by the Principality and NJJ Holding. Monaco Telecom’s international strategy is to leverage its strong innovation know-how and its experience of international markets to build a solid presence in European Mediterranean destinations. In 2018, it acquired MTN Cyprus, later rebranding it as Epic. Cyprus was the company’s first choice, due to the resilience and dynamism of its economy, the stability of its political and regulatory environment and the talent of its people. Epic is now a leading provider in Cyprus.
Congratulations on receiving an Invest Cyprus International Investment Award. What does this recognition mean to you and your team at Monaco Telecom?
This prestigious award stands as a testament to our commitment and the incredible work done by Epic’s management and team. We are grateful that our efforts have been recognised with a Cyprus International Investment Award. We feel at home here.
This interview first appeared in the July edition of GOLD magazine. Click here to view it.
