Nigerian billionaire Mike Adenuga’s Globacom makes $600M bid for Ivorian mobile phone company

Mergers, Acquisitions and Financial Results

Nigerian mobile operator Globacom‘s founder, Mike Adenuga, has told shareholders that he has made a bid to buy Comium Cote d’Ivoire for USD 600 million including debt, according to people familiar with the matter.

The company’s entry into Cote d’Ivoire will serve to extend the Glo brand presence in the West Africa sub-region, something supported by Globacom customers, writes Agence Ecofin.

The deal will also allow Globacom to improve its return on investment in its undersea cable, Adenuga said.

If Globacom succeeds in its takeover, Globacom plans to invest slightly over USD 1 billion in upgrading Comium’s Ivorian network over three years.
Source: African Business Central 4 May 2015