If successful, the acquisition of Lagos-based Visafone – a CDMA operator which provides voice and broadband services – will enable MTN to bolster its offerings and services in Nigeria, its largest market.
Since it was founded in 2007, Visafone has grown its subscriber base from 30,000 to 2.2 million customers at the end of 2014.
“The deal is done. We're almost putting ink to paper,” a source told Reuters. Sources did not reveal how much the deal would cost MTN.
MTN has been eyeing acquisitions as it seeks to compete with rival Vodacom.
In February 2015, the operator was reported to have held "exploratory discussions" over the acquisition of a majority stake in South Africa's Telkom.
A merger between Telkom and MTN would allow the latter to bundle fixed and mobile services, and bolster Telkom’s existing mobile offering.
A spokesperson for MTN's Nigerian unit in Lago said the company will issue a statement in due time.
In 2014, MTN had approximately 60 million users in Nigeria, about 27% of its subscriber base across 22 countries.
