Local reports in the country suggest a new company, coined Captcom, will be worth approximately $200 million and talks are now at an advanced stage.
The merged company would be privately funded, with major shareholders including MBC with a 53% stake, Middle East Capital Group with 25% and Helios Investment Partners holding 11%.
Smaller investors include Oldonyo Laro Eastate with 5%, Bridgehouse Capital with 3%, Asset Management Company of Nigeria with 2% and Private Equity Investors holding a 1% stake.
A source at the Association of Telecommunications Companies of Nigeria leaked the development to local news sources in the country, stating the agreement was in its final stages of completion.
The Nigerian CDMA market has been under threat in the face of competition of larger GSM rivals, and has steadily been losing customers as a result. Combined customers between the companies reached 4.41 million at the start of this year, but fell to 3.54 million by June 2012.
