Lagos court finds in favour of Helios Nigeria
The proposed sale by telecoms provider Telkom of its Nigerian operation, Multi-Links, suffered a setback on Tuesday (7 June 2011) after the Lagos High Court in Nigeria found in favour of Helios Towers Nigeria in the matter regarding the validity of a master lease agreement between the two companies.
The damages claim by Helios Towers Nigeria for anticipatory breach of contract for $252 million, however, had not yet been set down for hearing.
"Irrespective of the litigation in respect of the master lease agreement, the parties are still continuing to perform in terms of the agreement.
"Multi-Links is reviewing the implications of the judgment and all options will be considered," Telkom said.
In April, Telkom outlined its proposed sale of Multi-Links Telecommunications Limited's CDMA business to Visafone Communications for $52 million.
The settling of the Helios Towers Nigeria dispute, however, was one of the conditions precedent to the transaction.