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Telkom, South African incumbent fixed-line operator has sold off its Nigerian CDMA operation – Multi-Links network, to Visafone Nigeria.

The deal, worth about N8bn ($52m), will see the transfer of the network to operator Visafone; Multi-Links’ fibre and fixed-line elements are not included in the sale.

Former acting CEO of Telkom, Jeffrey Hedberg, said that the telco was “pleased to announce the successful conclusion of realigning our core business model to focus on our core competencies,” adding that Telkom management viewed the sale as “the best option available to our shareholders and Multi-Links’ customers.”

Plans for the sell-off first surfaced in November 2010, when Etisalat was rumoured to be interested in buying up the network. Telkom SA had bought a 75 per cent stake in Multi-Links in 2007 at a cost of about N43.1bn ($280 million), taking full ownership of the company in 2009 with a further investment of N20bn ($130 million). Since then, Multi-Links has proved something of a burden, with Telkom writing down the unit by more than N7.7billion ($50m).

According to Mr. Jim Ovia, Visafone Chairman and Multi-Links buyer, “Visafone recognises that this deal will solidify its position in the Nigerian marketplace and is committed to offering world-class voice and data solutions to existing Multilinks customers. The transaction brings us closer to achieving our target of 10 million subscribers within three years.”

Visafone launched in 2007 and currently has over 2.5 million subscribers, with a market share of 2.65 per cent.

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