• Contact Us
  • About Us
Friday, July 11, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Companies and Markets

MTN’s Purchase of Visafone Said to Be in Doubt Without Spectrum

metro by metro
October 6, 2016
in Companies and Markets
0
MTN
0
SHARES
0
VIEWS

MTN Group Ltd. is considering abandoning the acquisition of Nigerian internet provider Visafone Communications Ltd. after the country’s industry regulator ruled that broadband spectrum shouldn’t be included in the deal, according to two people familiar with the matter.

Africa’s biggest wireless carrier by sales is deciding whether acquiring the closely held company is worth it without the spectrum, said one of the people, who asked not to be identified as the deliberations are private. The deal valued Lagos-based Visafone at about $220 million, according to both people.

Read Also

Hope Rises For AEDC, BEDC, KADEDCO, KANEDCO As AMCON Sells Ibadan DisCo For N100bn

Dollar Trims Gains Against Euro, Yen As US Tariff Deadline Looms

SEC’s Directive Barring INEDs From Executive Role, Others, Unsettles Markets

MTN didn’t immediately respond on a request for comment.

 The Nigerian Communications Commission ruled last week that taking control of the spectrum would increase MTN’s dominance in the country, its biggest market. The Johannesburg-based carrier and competitors including Bharti Airtel Ltd.’s local unit are seeking to expand their internet coverage in Nigeria as growth in voice services slows. MTN agreed to pay almost 19 billion naira ($59 million) for spectrum as part of a government auction in June this year.

The NCC ruled in favor of MTN’s purchase of Visafone in December, according to an agreement seen by Bloomberg and signed by the regulator’s legal head, Yetunde Akinloye.

International ratings agency S&P downgraded MTN to junk status on Friday to reflect increased risk in Nigeria, where the phone company agreed to pay a 330 billion naira fine earlier this year for missing a deadline to disconnect unregistered subscribers. Last week, Nigerian lawmakers raised new allegations about the wireless carrier, accusing the company of illegally moving almost $14 billion out of the country. MTN denied the claims.

MTN shares fell 0.8 percent to 116.53 rand as of 2:02 p.m. in Johannesburg, valuing the company at 215 billion rand. The stock has declined 39 percent since the Nigeria fine was first reported last October, compared with a 2.8 percent gain at crosstown rival Vodacom Group Ltd.

Previous Post

Buhari sends 2017 draft budget to Senate for approval

Next Post

Adeosun accuses West of hypocrisy on coal-fired energy for Africa

Related Posts

Concerns Over AMCON’s Proposal For N5tn Debt Recovery
Companies and Markets

Hope Rises For AEDC, BEDC, KADEDCO, KANEDCO As AMCON Sells Ibadan DisCo For N100bn

July 4, 2025
FG considers foreign exchange reforms as dollar shortages bite
Companies and Markets

Dollar Trims Gains Against Euro, Yen As US Tariff Deadline Looms

July 4, 2025
SEC’s Directive Barring INEDs From Executive Role, Others, Unsettles Markets
Companies and Markets

SEC’s Directive Barring INEDs From Executive Role, Others, Unsettles Markets

June 24, 2025
Dollar Inches Up, Oil Firms As Israel-Iran Confluct Puts Markets On edge, Stokes Supply Disruption Fears
Companies and Markets

Dollar Inches Up, Oil Firms As Israel-Iran Confluct Puts Markets On edge, Stokes Supply Disruption Fears

June 16, 2025
Next Post
Kemi Adeosun

Adeosun accuses West of hypocrisy on coal-fired energy for Africa

UBA, Fidelity, Others Extend Workdays As CBN Insists On January 31 Deadline For Depositing Old Naira Notes

FG BlamesTechicaal Glitches For Non- Payment Of Workers’ June Salaries

July 11, 2025

Central Bank Of Nigeria: Push To Strengthen The Banking System

July 11, 2025
Banking Industry Frets Over Recapitalization, Capital Restoration Plans As Cloud Of Ucertainty Hangs On Govt Banks

Banking Industry Frets Over Recapitalization, Capital Restoration Plans As Cloud Of Ucertainty Hangs On Govt Banks

July 11, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version