Nigeria’s Visafone recently acquired the CDMA business of Multilinks, Telkom South Africa’s subsidiary in Nigeria for $52 million, Business Week reports. According to Mr. Jim Ovia, Founder and Chairman of Visafone, the deal will help solidify Visafone’s position in the Nigerian telecommunications space.
“Telkom management is of the opinion that the sale of the Multi-Links’ CDMA business to Visafone represents the best option available to our shareholders and Multi-Links’ customers”, said Mr Jeffrey Hedberg, former Acting Group Chief Executive Officer of Telkom.
Telkom will continue to keep Multilink’s fibre optics business.
“(Bloomberg) Telkom shares jumped as much as 1.50 rand, or 4.1 percent, to 38.50 rand, and traded at 37.67 rand as of 4:05 p.m. in Johannesburg.