Earlier this week, precisely on Monday, Legend Internet Plc formally informed the Nigerian Exchange Limited and its stakeholders about a proposed merger with Spectranet Limited, which would combine both companies’ operations under a single corporate structure. The agreement intends to create Nigeria’s biggest Internet service provider (ISP) by combining both businesses under a single corporate structure.
The deal, which comes after resolutions approved by Legend’s shareholders in November 2025 and its board of directors in October 2025, aims to integrate fibre and wireless infrastructure to establish a dominating player in Nigeria’s telecom market.
The announcement, which was signed by Erinma Onuoma, the company secretary, states that the merger is intended to provide major strategic advantages, such as increased network capacity, better operational effectiveness, and expanded coverage across important urban markets to generate long-term, sustainable value for investors.
In the formal submission to the Exchange, Erinma Onuoma said, “The proposed merger aligns with Legend’s long-term strategy to expand broadband infrastructure and strengthen its position within Nigeria’s telecommunications sector.”
Significant strategic and financial benefits, such as increased network capacity through the combination of fibre and wireless infrastructure, improved operational efficiency, and wider coverage across important metropolitan markets, are anticipated from the transaction. By bolstering the company’s competitive position, fostering revenue growth, and enhancing earnings capacity through operational synergies and higher scale, the Board thinks the transaction will generate sustainable long-term value for shareholders.
The business also highlighted the financial prospects for its investors, pointing out that over the medium to long term, the merger of these two significant internet service providers is anticipated to be value-accretive. Even though the two businesses have a formal agreement, the Federal Competition and Consumer Protection Commission and the Nigerian Communications Commission must grant the necessary regulatory permissions before the acquisition can be finalized.
Legend Internet Plc stated that the merger is expected to be finalized during the second quarter of 2026, signifying a major consolidation in the country’s digital economy, assuming these legal conditions are fulfilled.
“The transaction is subject to approval of relevant regulatory authorities, including the Federal Competition and Consumer Protection Commission and the Nigerian Communications Commission,” the statement went on.
“Completion is expected in the second quarter of 2026, subject to securing the necessary clearances. The company is still dedicated to upholding transparency, and it will keep the investing public and the NGX updated on any significant developments regarding the transaction.
The board and shareholder resolutions were passed in late 2025, and a formal agreement is now in place. Completion is expected in Q2 2026, pending FCCPC and NCC approval. The combined entity is valued at approximately ₦80 billion.
The merger combines Legend’s fibre network with Spectranet’s 4G LTE and wireless assets, strengthening broadband competition against MTN and Airtel. Expected synergies include improved operational efficiency, expanded urban coverage, and increased earnings capacity.
Legend Internet shares jumped as much as 20% on the NGX within two days of the announcement, reaching ₦7.25. The rally signals investor optimism about long-term value and scale in a consolidating market.
Legend promised to inform the market of any further developments if any arise in the coming days.
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