Money In Brief

Mergers, Acquisitions and Financial Results

- In Nigeria, CDMA operator Visafone Communications and infrastructure provider IHS Nigeria have agreed a long-term partnership involving the sale and leaseback of the tower assets of Visafone. The deal, valued at USD67 billion, is aimed at creating operational efficiencies which will allow Visafone to focus on its core business of providing mobile services and solutions, while IHS will further consolidate its telecom infrastructure business.

- InterSwitch Nigerian has recently acquired a 60 per cent stake in Bankom Uganda, a provider of inter-switching services to local commercial banks and microfinance institutions. Bankom entered the deal as it sought more capital to expand in East Africa.

- Unconfirmed reports in Ghana Business News say that two firms which manage some operating masts for Ghanaian cellcos MTN Ghana and Vodafone Ghana have invested around USD127.7 million in operations there. The journal cites the Ghana Investment Promotion Centre (GIPC) as saying that American Tower Corporation (ATC) Ghana Limited and Eaton Towers Ghana Limited spent USD123.49 million and USD4.25 million respectively on projects they undertook during the second quarter of this year. The projects were on ‘development, maintenance, management and leasing of communication sites’.

- South African Internet company, iWay Africa has acquired Uganda’s Afsat Communications. Afsat has about 600 corporate clients that will benefit from the acquisition. iWay Africa, which is owned by Telkom South Africa, said it is combing the technical capabilities of its predecessors including Africa Online, Afsat and MWEB Africa to offer more competitive internet services in 40 countries on the continent. Ken Mwai, iWay’s general manager, said “The merger will help us accelerate our growth in this market……It will enable us to provide a wider range of services at more affordable prices to Ugandans.”