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Telkom sells Multi-Links CDMA business
| Staff Writer | April 1, 2011 | No comments |
Staff Writer
MyBroadband’s Staff Writer is directly plugged into the South African Internet backbone, and spits out press releases and other news as he receives it. ...
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Telkom today announced the sale of the Multi-Links’ CDMA business to Visafone
Telkom today announced that it has entered into a legally binding agreement regarding the sale of the Multi-Links’ CDMA business to Visafone for an enterprise value of US$52 million through a number of transaction steps.
The proceeds for Telkom will be net of the existing liabilities of Multi-Links CDMA business.
This sale follows the Telkom boards mandate to review options for the exit of the CDMA business of Multi-Links Telecommunications Limited (“Multi-Links”).
The transaction is conditional on inter-alia regulatory approvals. Upon the successful closing of the transaction, Telkom will retain Multi-Links’ fibre network and fixed line operations in Nigeria.
Commenting on the transaction, Jeffrey Hedberg, former Acting Group Chief Executive Officer of Telkom said: “We are pleased to announce the successful conclusion of realigning our business model to focus on our core competencies. Telkom management is of the opinion that the sale of the Multi-Links’ CDMA business to Visafone represents the best option available to our shareholders and Multi-Links’ customers.”
Jim Ovia, Founder and Chairman of Visafone commented: “Visafone recognises that this deal will solidify its position in the Nigerian marketplace and is committed to offering world-class voice and data solutions to existing Multi-Links customers.”
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