MTN Acquires XS Broadband

15th Aug 2007

MTN Nigeria has agreed to acquire XS Broadband (formerly UBA Capital & Trust), a fixed wireless access (FWA) licensee owned by United Bank of Africa (UBA), one of Nigeria’s largest banks, in a deal worth up to NGN4 billion (USD32.1 million). XS has a FWA licence covering 24 states including Lagos. The purchase follows MTN’s USD65 million acquisition of FWA operator and unified access service licensee VGC Communications in January this year. Although details of the transaction in hand are guarded, it is known that MTN has sought assurances from the Nigerian Communications Commission (NCC) that the licence held by XS Broadband will be renewed.

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