Money – In Brief

Mergers, Acquisitions and Financial Results

 Etisalat Nigeria has sealed agreements for a US$650 million syndicated loan with eight local banks to expand its mobile network across Africa's most populous nation. "The additional funds will be used to roll out both our 3G and 2G network on a national basis," Etisalat Nigeria CEO Steven Evans said in a statement, reports Reuters. Etisalat said the banks involved were First Bank, Zenith Bank, Access Bank, Fidelity Bank, United Bank for Africa (UBA), Bank PHB, Guaranty Trust Bank and Oceanic Bank.

Zimbabwe’s state-owned mobile operator NetOne is in talks with a number of potential foreign investors about taking a significant minority stake in the company. Potential partners include South African operator MTN. Any investment would be limited to a maximum 49 percent of NetOne because of the country’s law restricting foreign ownership of telecoms infrastructure. NetOne is looking to raise at least US$100 million to modernise its network.

South Africa based Africa Cellular Towers has secured RS$100 million (US$14.3 million) in funding from local investment firm, Industrial Development Corporation (IDC). The funding facility is staggered over the next six years at market related rates, to assist with capital expenditure and working capital requirements of the Group. After posting a full year loss, the company warned last November that it would need additional funding to perform on future contracts.