The deal allegedly followed lengthy negotiations and is said to have received approval from the Nigerian Communications Commission (NCC) in late December 2015.
An industry source did not divulge how much MTN paid for Visafone, but is quoted as saying: “It is certainly a multimillion naira deal because Visafone was the largest CDMA operator in the country”.
The acquisition marks a period of consolidation in the Nigerian market and is expected to provide high quality data services and improve mobile broadband for both MTN and Visafone subscribers.
MTN has a subscriber base of 62.5 million and a market share of 41.5% in Nigeria as of September 2015, according to the NCC.
The company was first reported to be in discussions over a Visafone acquisition in April last year.
