Loy Okezie
In a bid to position itself as the fourth largest telecoms operator in Nigeria by 2012, Visafone has acquired Multi-Links-Telkom’s CDMA business in Nigeria for $52 million (about N8.1 billion) reports ITRealms.
Last November, Multi-Links-Telkom announced that it was winding-up from the Nigerian telecommunications market in phases, as a result of lack of profit from its investments in the entire Nigerian operation in 2007 when it acquired it for $410 million.
According to ITRealms, Multi-links Telkom Nigeria is quitting its CDMA operations in Nigeria due to continued operating losses, despite reducing cost measures taken by the management of the firm to shore up profit.
On the other hand, Visafone, a wholly-owned Nigerian company which was licensed by the Nigerian Communications Commission (NCC) in August 2007 was birthed from the strategic acquisition of three CDMA mobile network operators.
The telecoms company reached 1 million subscribers in just 6 months of launch and has grown to 2.5 million subscribers as at January 2011. With this acquisition, Visafone’s susbcriber based now amounts to over 4 million, including Multi-Links over 1.5 million subscribers.
We’d expect that Visafone would look to take on Etisalat Nigeria, which currently accounts for over 6 million subscribers.
Will Visafone overtake Etisalat Nigeria to become the fourth largest telecoms operator in Nigeria by the end of 2011?
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3 Responses to Visafone Acquires Multi-Links Telkom CDMA for N8.1billion
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Hmm. Next i think they should acquire a hardware company…only one comes to mind…..
That is a loss of about $350 million on the part of Telkom. It will be interesting to know .what amounted to this monumental loss. But on the flipside, we won't have to encounter capital flight. Money made within Nigeria stays in Nigeria
[...] I really don’t see any competition from the CDMA operators. Never mind the seemingly aggressive campaigns, lower call rates being offered and (oh yeah) the recent acquisition of Multi-links Telkom’s CDMA business by Visafone. [...]