(Alliance News) - Airtel Africa PLC on Thursday said its subsidiary Airtel Networks Ltd has signed a deal with Intercellular Nigeria Ltd to buy additional 10 megahertz spectrum in the 900 MHz band in Nigeria for USD70 million.
The FTSE 250-listed telecommunications and mobile money services provider said the acquisition will allow Airtel Nigeria to expand and strengthen its LTE network across the country. LTE is a 4G wireless communications standard.
The acquisition is subject to regulatory approval by the Nigerian Communications Commission, Airtel Africa noted.
"Data is a key pillar of our growth strategy, driven by increasing 4G networks and supported by the increased affordability and increasing penetration of smartphones," explained Chief Executive Raghunath Mandava.
"The acquisition of this spectrum will enable us to further deliver on this growth opportunity and continue to offer our Nigerian customers an enhanced user experience," Mandava added.
Airtel Africa shares were trading 4.2% lower in London on Thursday morning at 67.53 pence each.
By Evelina Grecenko; firstname.lastname@example.org
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