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Brymedia offers $900m to acquire Nitel

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Paul Reynolds, CEO Telecom New Zealand and Brymedia's technical partner (image source: file photo)

Brymedia Consortium, one of the consortia bidding for Nigeria’s state-owned operator Nitel, has offered to buy the ailing telecoms company for $900 million.

Nitel’s two previous bid offers failed due to non-payment by the New Generation Consortium and Omen Consortium. As a result, the Bureau of Public Enterprises (BPE) ended Nitel’s public sale process despite several extensions being granted to both consortiums.

Brymedia consortium proposed a new  bid after reports that the Nigerian government is considering a ‘willing buyer willing seller’ offer.

Adrian Wood, Brymedia CEO and former MTN Nigeria CEO said his team is ready to turn Nitel’s fortune around.

Wood firmly believes that Nitel can become Nigeria’s major telecoms player.

The former CEO of Nitel, Edwin Momife, former MTN Nigeria CTO Demola Elesho and the first MTN Nigeria CMO Afam Edozien are supporting Brymedia’s Nitel bid offer.

The New Generation Consortium was named in February 2010 as the preferred bidder for the privatization of Nitel and its mobile unit M-Tel, with an offer of $2.5 billion. The reserve bidder Omen International came second with an offer of $957 million, while Brymedia emerged third with a $550 million bid offer.

David Eto

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