Airtel Africa Plc on Thursday announced an agreement with Intercellular Nigeria Limited to acquire an additional 10 megahertz spectrum in the 900 MHz band in Nigeria.
Airtel Africa stated this in a statement pasted on the Nigerian Stock Exchange website.
It said that the acquisition of additional spectrum through Airtel Networks Limited (Airtel Nigeria) would enable it to expand its telecommunications network across Nigeria.
The statement said that Airtel Networks Limited signed an agreement with Intercellular Nigeria Limited to acquire an additional 10 megahertz spectrum in the 900 MHz band in Nigeria.
It said that the acquisition, valued at 70 million dollars, would allow Airtel Nigeria to expand its operations and strengthen its LTE networks across the country.
The company stated that the acquisition was subject to regulatory approval by the Nigerian Communications Commission.
Commenting on the acquisition, Raghunath Mandava, the Chief Executive of Airtel Africa, said that data was the key pillar of the company’s growth.
Mandava said that it was also driven by increasing 4G networks, supported by the increased affordability and increasing penetration of smartphones.
He explained that data presents a significant opportunity for growth with an overall smartphone penetration of more than 35 per cent and data consumption growing by 92 per cent in the six months period ended September 30.