Nigerian telecommunications giant Globacom, led by billionaire businessman Mike Adenuga, is reportedly preparing to acquire Comium Ivory Coast, a struggling telecoms operator in the West African nation.
According to Agence Ecofin, sources close to Adenuga have revealed that he has submitted a $600 million bid to Comium shareholders. This offer includes the assumption of all existing liabilities associated with the Ivorian subsidiary.
Comium, a Lebanese-owned company, has been facing financial difficulties and is currently saddled with significant debt. The company has been given a deadline of May 15th to settle a $24.8 million debt or face potential auction.
If the acquisition is successful, Globacom plans to invest an estimated $1 billion to modernize Comium’s infrastructure and operations. Comium currently holds the fourth-largest market share in the Ivorian telecommunications market, boasting approximately one million active subscribers.
