Spotify’s Discover Weekly Playlists Now Sponsored by Telkom South Africa

Global streaming service Spotify is announcing Telkom South Africa as the first local sponsor of the Discover Weekly playlists for South African users. These sponsorship...

Latest Posts

SASSA Once Again in Chaos Over August R350 COVID-19 Grant Payments

The Democratic Alliance (DA) calls on the Minister of Social Development, Lindiwe Zulu, to once and for all sort out the chaos that persists...

What To Expect From A Criminal Defense Lawyer?

If you feel like you or someone you know is stuck or trapped in a criminal case, it’s a good idea to hire a...

Chinese Smartphone Manufacturer Oppo Sets Up Shop in South Africa

Chinese smartphone manufacturer Oppo is investing in South Africa with local head office and a commitment to making world-leading innovations more accessible. Oppo is the...

SA’s Digital Heritage: Keeping Us Globally Relevant

South Africa’s heritage is not just physical. It is intimately part of the digital world. Digital connectively can enhance the value of that heritage,...

How much MTN really paid to buy Nigeria’s Visafone?

MTN, Africa’s biggest mobile phone operator, disclosed on Monday how much it paid to buy Visafone, Nigeria’s wireless network provider. By Gugu Lourie

Africa’s largest telecoms group said on its 2015 integrated annual report that it paid R3.4 billion to buy Visafone.

In 31 December 2015, MTN bought 100% of Visafone.

Visafone, which was incorporated in Nigeria on June 20, 2007 following the acquisition of Cellcom received its Unified Access Service Licence as a telecom operator from the NCC on August 1, 2007 positioned it to offer mobile, fixed and any other telecommunications service to its subscribers.

The deal enables MTN Nigeria to utilise Visafone’s 800MHz spectrum to launch fourth generation long term evolution (4GLTE) services.

“This, along with the acquisition of a 4G/LTE licence and digital TV spectrum, will provide us with access to sufficient spectrum to roll out LTE services,” the biggest mobile phone operator in Niger said.

It added that the acquisition seeks to leverage resources for service enhancement and reflects its concerted efforts to deepen the growth and roll-out of broadband services across Nigeria.

Visafone contributed no revenues and net profit to MTN Nigeria for the period ended 31 December 2015 as the business was acquired on the last day of the year.

MTN said the consolidated pro forma revenue and profit for the year ended 31 December 2015 as though the acquisition had occurred on 1 January 2015 cannot be disclosed as the audited financial statements of Visafone for the year ended 31 December 2015 are not yet available.

The South Africa-based telco did not assume any liabilities, other than deferred tax, from the acquisition of Visafone.

Latest Posts

SASSA Once Again in Chaos Over August R350 COVID-19 Grant Payments

The Democratic Alliance (DA) calls on the Minister of Social Development, Lindiwe Zulu, to once and for all sort out the chaos that persists...

What To Expect From A Criminal Defense Lawyer?

If you feel like you or someone you know is stuck or trapped in a criminal case, it’s a good idea to hire a...

Chinese Smartphone Manufacturer Oppo Sets Up Shop in South Africa

Chinese smartphone manufacturer Oppo is investing in South Africa with local head office and a commitment to making world-leading innovations more accessible. Oppo is the...

SA’s Digital Heritage: Keeping Us Globally Relevant

South Africa’s heritage is not just physical. It is intimately part of the digital world. Digital connectively can enhance the value of that heritage,...

Don't Miss

Startup Plans to Upend South Africa’s Freelance Market

South Africa's gig economy, which is made up of freelance, short-term, and on-demand work, is growing. Since the lockdown was imposed at the end of...

Enjoy a Revitalizing Weekend Away With The Whole Family at Knorhoek

Wide-open spaces are a great place to decompress after months of lockdown, and Knorhoek ticks all the boxes for the perfect country escape. Situated in...

Getting Smart With Gadget Shopping During An Extended Quarantine

Staying quarantined for a prolonged period is the last thing that anyone would want to do. But there’s hardly a choice for people amid...

Avon Disrupts the Norms to Create Addictive, Rebellious & Fierce “Far Away Rebel & Diva”

Avon breaks all the rules with Far Away Rebel & Diva. The new launch is the next step in the glamorous bold journey of...

Investec Says Union Must Seek Answers For Phantom Shares from Cell C

Investec has told the Information Communication Technology Union (ICTU) to direct its questions about the Believe Phantom Option Share Scheme for Cell C workers to the...

Stay in touch

To be updated with all the latest news, offers and special announcements.