MTN acquires rival Nigerian operator, Visafone
Despite the large, $3,9 billion fine imposed on it by the Nigerian Communications Commission (the matter still in court), MTN has proceeded with its planned acquisition of rival network operator, Visafone Communications.
According to reports, the Communications Commission has approved the acquisition, although no value has yet been attached to the transaction. The purchase will see MTN obtain access to the profitable radio frequency spectrum in the 800MHz band, allowing it to build a widespread 4G/LTE network.
Visafone was founded in 2007 by Jim Ovia, a Nigerian business. Reports state that Visafone has around two million customers in Nigeria, accounting for roughly 1% of the market.