Nitel sale 'hopefully' by end of 2008

Mergers, Acquisitions and Financial Results

Nigeria's communications minister says that Nitel will hopefully have a new investor ready to take a controlling stake in the company by the end of this year, reports Reuters.

Existing shareholder Transcorp, which acquired a 51% stake for USD500 million in August 2006, has failed to revive the fortunes of the telco, and in February 2008 it agreed with the government that a new investor needed to be found.

'We have set ourselves a target of towards the end of the year to get a core investor,' Communications Minister John Odey said in an interview in his office in Abuja. He added that the new investor would hold at least 51% of the company, taking part of Transcorp's share and part of the government's holding.