Adenuga tempts Ivorian phone company with $600m
Nigerian telecoms operator, Globacom is making plans to buy over Ivorian mobile telecoms operator Comium Cote d’Ivoire, by making an offer of $600 million for the firm that has been grappling with debt and cash flow issues.
Globacom, which already owns an international carrier services licence in Cote d’Ivoire, reportedly plans to invest over $1 billion in upgrading Comium-CI’s network over three years.
If the deal goes through, Globacom, which is owned by billionaire, Mike Adenuga will have succeeded in extending its brand presence in West Africa. Already, the mobile telecoms operator has operations in Nigeria, Ghana and Benin Republic.
Comium CI has more than 900,000 mobile subscribers according to L’Autorite de Regulation des Telecommunications. It is a subsidiary of Comium Group, a Lebanon-based telecommunications company owned by Lebanese businessman Nizar Dalloul.
The group operates as a multi-service provider on four continents, specializing in Wireless Data Networks, GSM communications, Internet service provision and VoIP. Comium CI is heavily enmeshed in debt to the tune of more than $25 million and has been given until 15 May to pay off its debts or risk being placed into receivership.
Mike Adenuga, 63, is the 2nd richest man in Nigeria with a fortune estimated at $4.7 billion according to FORBES’ World Billionaires ranking. He owes his fortune to his ownership of Nigerian mobile telecoms outfit Globacom, and Conoil Producing, a Nigerian oil exploration firm that operates 6 oil blocks in the Niger Delta.
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May 5, 2015 at 9:15 am
Good to hear.