Airtel Africa Plc says it has completed the acquisition of 10 megahertz (MHz) spectrum in the 900 MHZ band in Nigeria for $94 million.
The company said it completed the spectrum acquisition after obtaining approval from the Nigerian Communications Commission (NCC).
The telco said in a disclosure notice to the Nigerian Stock Exchange (NSE) that it acquired the 10 megahertz spectrum in the 900 megahertz band in Nigeria from Intercellular Nigeria Limited.
It explained that the $94 million included NCC fees in line with the commission’s Spectrum Trading Guidelines.
On November 14, last year, Airtel announced the deal, which it said would help reinforce its 4G position and increase the available capacity of the network.
The firm added that the new spectrum would provide more opportunities for data and home broadband services, improve both voice call quality and data experience and deepen Airtel Africa’s competitiveness in Nigeria.