Helios Towers Nigeria has agreed to buy Telkom South Africa’s embattled Multi-Links Communications, ending a legal battle that halted the sale of the company to Visafone Communications Nigeria about two months ago.
The Nigerian company had previously taken the South African operator to court after it pulled out of a 10-year rental agreement, which was canceled three years ago. Telkom at the time claimed the contract had become invalid.
Last month, the Nigeria High Court ruled in favor of Helios Towers Nigeria and said the contract was still valid, blocking the sale of the company until the two companies conclude the contract controversy.
Helios Towers Nigeria has now agreed to buy the company and have full ownership and control of Multi-Links Communications.
Telkom South Africa pulled out its investment from Nigeria in 2010 following successive loses despite several turnaround attempts by the company. It sought to sell Multi-Links Communications in order to partly recover its investment.
The sale of the company to Visafone Communication Nigeria was short-lived, as it was reversed following an order by the Nigerian court.