Telkom to sell Nigerian unit at a loss

Telkom is to sell its troubled Nigerian mobile business for around $10m to a unit of Helios Towers Nigeria, the company with which it had been locked in a legal dispute.

Telkom had lined up another Nigerian buyer for $52 million dollars, but Helios Towers who had been suing Telkom for around $250 million will buy the unit for $10 million.

In addition Telkom will continue operational funding to Multi-Links to enable the completion of the deal.

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