Airtel Africa pays $316.7 million for acquisition of 4G and 5G spectrum

10 Jan 2023 , 01:34 AM

Airtel Africa’s Nigerian subsidiary, Airtel Networks Limited (Airtel Nigeria), has purchased 100MHz of 3500MHz spectrum and two units of 5MHz of 2600MHz spectrum from the Nigerian Communications Commission (NCC) for a total of $316.7 million.

Airtel Africa is a subsidiary of Bharti Airtel. Airtel Africa informed its investors on Monday that the payment for the purchased spectrum would be made in local currency.

This additional spectrum will support the telco’s network expansion investments for mobile data and fixed wireless home broadband capability, as well as 5G rollout, it further added.

The acquisition of the 5G spectrum is expected to support Airtel Nigeria’s growth strategy by enabling faster connectivity and accelerating digitalization for consumers, businesses, and the public sector.

The rollout of 5G is also expected to hasten the availability of fixed wireless access products across the country, assisting Nigeria in meeting its National Broadband Plan targets.

The company stated that the acquisition of a 2600MHz spectrum was done to increase network capacity.

At around 12.44 PM, Bharti Airtel was trading 3.22% lower at Rs793 against the previous close of Rs819.40 on NSE. The counter touched an intraday high and low of Rs826.10 and Rs793 respectively.

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