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LAGOS, Nigeria—The Nigerian government on Tuesday approved the $2.5 billion sale of its troubled state-run telecommunications company to a consortium led by China Unicom Ltd., eight months after a confusing auction led to delays.
Nigerian President Goodluck Jonathan "has approved that New Generation Telecommunications Consortium," and will "pay a bid security of $750 million as a precondition for the issuance of an offer letter in its bid to acquire Nitel and M-TEL," Nigeria's privatization body, the Bureau for Public Enterprise, said in a statement. The consortium has 10 days to pay the bid security and 60 days to pay the full bid amount, according to the BPE statement.
China Unicom, part of the winning consortium, originally denied taking part in the bid for Nitel in February but later acknowledged that its European subsidiary, China Unicom (Europe) Operations Ltd., had expressed interest in a technical partnership and in the possibility of acquiring a 20% equity stake if the bid was approved.
A Nigerian government committee set up to review the bid process recommended that the deal be approved. The consortium includes Minerva Group, a Dubai-based company that was to provide the financing for the bid.
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Argentine incumbent fixed line operator Telecom Argentina has announced that its net profit for the fourth quarter of 2010 rose 28% year-on-year to ARS512 million (USD127 million), on the back of increasing revenue from broadband internet and mobile services.
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