Legend Internet Plc has announced plans to merge with Spectranet Limited in a move aimed at expanding broadband infrastructure and strengthening their position in Nigeria’s telecoms market.
In a notice signed by Erinma Onuoma, company secretary, on
Monday, to Nigerian Exchange Limited (NGX) and shareholders, Legend said the
proposed transaction will combine the businesses and operations of both
companies under a unified corporate structure.
The company said the merger, approved by its board on
October 3, 2025, and shareholders on November 7, 2025, is subject to regulatory
approvals.
Legend said the deal aligns with its long-term strategy to
scale operations and deepen broadband penetration.
“The proposed merger aligns with Legend’s long-term strategy
to expand broadband infrastructure and strengthen its position within Nigeria’s
telecommunications sector,” the company said.
According to the company, the combined entity is expected to
benefit from improved network capacity through the integration of fibre and
wireless infrastructure.
“The transaction is expected to deliver significant
strategic and financial benefits, including enhanced network capacity, improved
operational efficiency, and expanded coverage across key urban markets,” the
statement reads.
The company further said the merger is expected to create
long-term value for shareholders through increased scale and operational
synergies.
“The board believes the transaction will create sustainable
long-term value for shareholders by strengthening the company’s competitive
position, supporting revenue growth, and improving earnings capacity,” the
network provider said.
“The transaction is expected to be value accretive to
shareholders over the medium to long term.”
Legend said the merger is subject to approvals from the
Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian
Communications Commission (NCC).
The company added that, subject to approvals, completion of
the transaction is expected in the second quarter (Q2) of 2026.
Legend said it will continue to keep the investing public
informed of any material developments regarding the merger.
In April 2025, Legend listed two billion ordinary shares by
introduction on the main board of the Nigerian Exchange Limited
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