Airtel Africa PLC has signed a $70 million deal with Intercellular Nigeria LTD to purchase more 10 megahertz spectrum in the 900 MHz band for Nigeria.
The networking giant which is currently among the FTSE 250-listed telecommunications said that the acquisition will enable the spread of its LTE 4G wireless communications network across the nation.
Speaking further on the plans, Airtel’s CEO, Raghunath Mandava said that “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.
“The acquisition of this spectrum will enable us to further deliver on this growth opportunity and continue to offer our Nigerian customers enhanced user experience.”
The company also stated that the acquisition adheres to regulatory approval by the Nigerian Communications Commission.
As of this morning, Airtel Africa shares were trading at 4.2% lower in London at 67.53 pence each.