Legend Web, Spectranet notify NGX of proposed merger

Legend Web Plc formally notified the Nigerian Alternate Restricted and its stakeholders on Monday of a proposed merger with Spectranet Restricted, meant to unify the companies and operations of each entities underneath a single company construction.

The transaction, which follows resolutions handed by Legend’s Board of Administrators in October 2025 and its shareholders in November 2025, seeks to create a dominant participant in Nigeria’s telecommunications sector by integrating fibre and wi-fi infrastructure.

In response to the announcement signed by the Firm Secretary, Erinma Onuoma, the merger is designed to ship important strategic advantages, together with enhanced community capability, improved operational effectivity, and expanded protection throughout key city markets to drive sustainable long-term worth for buyers.

“The proposed merger aligns with Legend’s long-term technique to develop broadband infrastructure and strengthen its place inside Nigeria’s telecommunications sector,” said Erinma Onuoma within the official submitting to the Alternate.

“The Transaction is predicted to ship important strategic and monetary advantages, together with enhanced community capability via the combination of fibre and wi-fi infrastructure, improved operational effectivity, and expanded protection throughout key city markets. The Board believes the Transaction will create sustainable long-term worth for shareholders by strengthening the Firm’s aggressive place, supporting income progress, and bettering earnings capability via operational synergies and elevated scale.”

The corporate additional emphasised the monetary outlook for its buyers, noting that the mixture of those two main web service suppliers is predicted to be value-accretive over the medium to long run. Whereas the settlement between the 2 firms is now formal, the completion of the deal stays topic to the receipt of relevant regulatory approvals from the Federal Competitors and Client Safety Fee and the Nigerian Communications Fee.

Legend Web Plc confirmed that, supplied these statutory necessities are met, the merger is anticipated to be finalised inside the second quarter of 2026, marking a big consolidation within the nation’s digital financial system.

The assertion continued: “The Transaction is topic to the approval of related regulatory authorities, together with the Federal Competitors and Client Safety Fee and the Nigerian Communications Fee.

“Topic to acquiring the required approvals, completion is anticipated within the second quarter of 2026. The Firm stays dedicated to sustaining transparency and can proceed to maintain the NGX and the investing public knowledgeable of any materials developments in respect of the Transaction.”