Contrary to earlier reports that alleged that Etisalat’s biggest shareholder has pulled out from the company, they have debunked the news. This was made known in a statement which they availed to TechCity blog.
READ MORE: Globacom Owner, Adenuga To Acquire Etisalat
According to the statement, “Etisalat Nigeria considers it pertinent to state that parties to the negotiation are considering a number of options and discussions are at an advanced stage regarding the syndicated loan agreement with the banks. It will therefore be presumptive and in bad faith to begin to predict the outcome.”
“Discussions have so far been quite collaborative and we expect to reach a final resolution [this] week, by which time we will be in the position to make a definitive announcement,”
READ MORE: CBN And NCC Saves Etisalat From Takeover
According to Ibrahim Dikko, VP, Regulatory & Corporate Affairs, Etisalat Nigeria, he said that “Etisalat remains a viable business, having recorded its best financial year in 2016. Parties are keen to ensure that the ongoing discussions and eventual outcome do not affect the day to day operations of the business whether now or after the announcement of our agreement.”
“All parties have continually demonstrated an interest in the continued operations of Etisalat as a business as it remains the backbone of millions of small business owners; multinationals, government and indeed Nigerian subscribers in general,”
Well, as much as I might want to believe this news, one part of me still thinks it is a form of damage control. But I am still fantasizing about the fact that Mike Adenuga wants to acquire Etisalat. I think that would be very good for his Globacom to man up to MTN.
Globacom has barely half of the number of subscribers MTN has and even if the acquisition of Etisalat turns out possible, the total number of subscribers they would have on their database then wouldn’t still be up to that of MTN. So, they still have a long way to go, but acquiring Etisalat is a good way to start.