MTN said to be mulling abandoning acquisition of Visafone in Nigeria
MTN is considering abandoning the acquisition of Nigerian internet provider Visafone Communications, after the country’s industry regulator ruled that broadband spectrum should not be included in the deal, according to two people familiar with the matter.Africa’s biggest wireless carrier by sales was deciding whether acquiring the closely held company was worth it without the spectrum, said one of the people, who asked not to be identified as the deliberations were private. The deal valued Lagos-based Visafone at about $220m, according to both people.MTN did not 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. MTN and competitors including Bharti Airtel’s local unit are seeking to expand their internet coverage in Nigeria as growth in voice services slows. MTN agreed to pay almost $59m for spectrum as part of a government auction i...
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