Nigerian Court Upholds Tower Agreement Between Helios and Multi-Links
Published on: 8th Jun 2011
Note -- this news article is more than a year old.
A Nigerian court has ruled that the disputed lease agreements between tower operator, Helios Towers and the CDMA network operator, Multi Links were valid.
Multi-Links was a subsidiary of South Africa's dominant landline operator, Telkom until it was sold in April for USD52 million to another Nigerian network, Visafone - although that did not include Multi-Links' fibre network or fixed line operations in Nigeria.
In a statement, Telkom stated that "Multi-Links is reviewing the implications of the judgment and all options will be considered."
"The Helios Towers Nigeria's damages claim for anticipatory breach of contract for USD252m has not yet been set down for hearing. Irrespective of the litigation in respect of the Master Lease Agreement, the parties are still continuing to perform in terms of the agreement."
Telkom SA brought a 75% stake in the Nigerian mobile network operator in 2007 for USD280 million, and took full ownership in 200 for USD130 million.