Mike Adenuga, owner of the Nigerian telecommunications company, Globacom (GLO) which provides GSM and GPRS-based mobile services in parts of West Africa is said to be preparing to stake a $600 million takeover bid for Ivorian telecommunications company, Comium.
The Geneva-based Africa-focused news agency, Agence Ecofin, reports, citing sources close to Mr. Adenuga that the Glo CEO has just communicated to shareholders an offer offer of $600 million for the acquisition of the subsidiary Comium Ivory Coast. An offer that will include the liabilities of the company in Ivory Coast.
The Lebanese company is currently cash-strapped and in debts according to Telegeography, and has been given till May 15 to pay off it $24.8 million debts or risk being auctioned off.
Glo will reportedly invest as much as $1 billion to modernize the company if it becomes successful in acquiring the yet to be auctioned Comium.
Comium is the fourth largest operator in the country with close to a million active subscribers.