The Brymedia Consortium has offered to pay US$600m for a 75% stake in Nigerian telecoms incumbent Nitel should the New Generation consortium fail to make its initial payment for the stake, according to media reports.
The Brymedia Consortium originally…
The Brymedia Consortium has offered to pay US$600m for a 75% stake in Nigerian telecoms incumbent Nitel should the New Generation consortium fail to make its initial payment for the stake, according to media reports.
The Brymedia Consortium originally came in third position in the privatisation process of Nitel, initially offering US$551m.
The local paper Daily Independent reported the new offer, citing sources close to the consortium.
New Generation Telecommunications, a consortium of local rural operator GiCell Wireless, Dubai-based investment firm Minerva Group and China Unicom, had offered US$2.5bn for the stake.
Last October, after eight months of hesitation, the Nigerian authorities finally approved the sale of 75% of Nitel to New Generation.
But on December 23, New Generation missed the third deadline it was given to make a first payment of US$750m.
Before approving the New Generation deal, the authorities had decided to carry out an investigation on the identity of the bidders because the sum they offered was twice as high as the runner-up and China Unicom initially denied any involvement.
Omen International offered US$956m, while the AFZI/Spectrum Consortium offered US$375m. MTN Nigeria Communications Ltd offered US$25m for SAT-3.
BNP Paribas and Eledas Capital Partners are advising BPE.
