NATCOM Consortium Completes Payment for NITEL/MTEL

Mergers, Acquisitions and Financial Results

The preferred bidder for Nigerian Telecommunications Limited (NITEL) and its mobile arm (Mtel), NATCOM Consortium, has paid the 70 per cent outstanding balance of the $252,521,000 bid price for the acquisition of the assets and business units of the telecoms enterprises.

Effectively, the consortium has paid the remaining $176,575,700 (N29,696,469,600) after an initial payment of $75,756,300 (N12, 727,058,400) being 30 percent of the bid price on January 6, 2015.

The installment was in line with the offer letter by the Bureau of Public Enterprises (BPE), which mandated NATCOM to make an initial deposit of 30 per cent of the bid price not later than 14 days from the date of the offer letter.

NATCOM's completion of payment for the bid price was conveyed in a statement signed by BPE's spokesman, Mr. Chigbo Anichebe. The statement confirmed that the remaining 70 per cent payment had been effected on April 2, 2015, four days ahead of the April 7, 2015 deadline for payment.

Meanwhile, Director General of BPE, Mr. Benjamin Dikki had told THISDAY in an interview that selling the telecommunications assets for $252 million was the best deal for the transaction. Read the full story here:
Source: This Day