Dubai's Minerva gets approval to buy Nigeria's Nitel for $2.5bn

13 October 2010

Dubai's Minerva Group and its partners have received approval from Nigeria's government to buy the state telecommunications company, eight months after they bid $2.5bn for the company at an auction, Bloomberg has reported. The group will pay an initial $750m, followed by the remaining $1.75bn within 60 days. The government is to sell a bond to pay outstanding wages owed to Nitel's workers.

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