Globacom boss linked with USD600m takeover of Comium Cote d’Ivoire

1 May 2015

Nigerian tycoon Mike Adenuga, the owner of integrated telecoms firm Globacom (Glo Nigeria), is preparing to lodge a USD600 million takeover bid for cash-strapped Comium Cote d’Ivoire, Agence Ecofin reports. The development follows reports that Lebanon-based Comium Group has been given until 15 May to pay off its debts of XOF15.0 billion (USD24.8 million), or risk being placed into receivership. The article claims that if Glo is successful in its bid it could invest up to USD1 billion in the modernisation of the Ivorian operator’s network infrastructure.

According to L’Autorite de Regulation des Telecommunications/TIC de Cote d’Ivoire (ARTCI) Comium ended 2014 with 892,272 mobile subscribers, making it the fourth largest wireless operator in the country. For its part, Glo claims to have held an international carrier services licence in Cote d’Ivoire since November 2009.

Côte d'Ivoire, Comium Cote d'Ivoire (Koz), Comium Group, Globacom (Glo Nigeria)