sitemaps.org/schemas/sitemap/0.9/sitemap.xsd BrandArena: Telkoms Sells Multilinks to Helios Tower

Monday, 4 July 2011

Telkoms Sells Multilinks to Helios Tower

Telkoms has sold its Nigerian subsidiary to Helios Tower, the leasing company that had earlier dragged it to court for alleged breach of contract and wrongful sale of the ailing company to Visafone another CDMA service provider.

A Senior Executive of Telkom said, “We just want to wash our hands off that disappointing deal and concentrate on more serious challenges on the home front. Multilinks has caused us multiple problems and there is no need hanging on to it, even with the imbroglio caused by the recent Lagos court ruling, our shareholders want an end to the ugly situation and so also the new management.”

The marriage of convenience between Multiinks and Helios Tower is expected to be consummated and give birth to a new company in August.

The deal which is a buyout will see Telkoms receive $10 million from Helios and the leasing company will in turn cancel all the previous debts of the former.

Helios had last year filed a law suit against Multilinks at a Lagos High Court when the ailing company breached a 10 year leasing agreement worth 252 million dollars.

A member of Helios while reacting to latest development described the deal as a good way out the crisis that the sole reason for suing Multilink was only to recoup their investment.

1 comment:

  1. Hmmm... We need more competition in the telecommunication sector in Nigeria. I think the call tariff is still on the high side.

    ReplyDelete