Deals
Nigeria Nitel Bidder Gets Deadline to Pay $750 Million
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Nigeria’s government gave the buyers of a 75 percent stake in Nigerian Telecommunications Ltd., or Nitel, two more days to pay the first installment of $750 million.
New Generation Telecom Ltd., which includes China Unicom (Hong Kong) Ltd., was given 10 calendar days from Oct. 25 to pay the money, the Abuja-based Bureau of Public Enterprises said in an e-mailed statement today. The balance of $1.75 billion should be paid within 60 days of the receipt of an offer letter, which will be issued when the first payment is made, the bureau’s spokesman, Chukwuma Nwokoh, said in the statement.