Rumor: China Unicom Leads Nitel Acquisition

DVBCN, 10/15/10

China Unicom (NYSE: CHU; 0762.HK; 600050.SH) has reportedly led a group of investors in a USD 2.5 bln (approximately RMB 16.5 bln) acquisition of Nigeria Telecom (Nitel). Nigerian president Goodluck Jonathan publicly approved the deal, which requires the bidders to pay a USD 750 mln security deposit within the next 10 days, and the remaining USD 1.75 bln within 60 days.

A Unicom spokesperson declined to comment and referred to Unicom's earlier statement on the matter in February.

Editor's Note: Nitel is being acquired by New Generation Telecommunications Consortium, which reportedly includes China Unicom, Dubai's Minerva Group and Nigeria's GiCell Wireless. For more background on this topic, please see "China Unicom Clarifies Role in Nitel Bid" MD 2/13/10 issue.

Keywords: Goodluck Jonathan New Generation Telecommunications Consortium Minerva Group GiCell China Unicom telecom Nigeria 0762.HK 600050.SH CHU Nitel M&A overseas

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