Spectranet confirmed as Legend Internet’s mystery merger partner

Legend Internet Plc has revealed that it is merging with Spectranet Limited, months after announcing plans to acquire an unnamed rival in a move to expand its broadband footprint.

In a notice to the Nigerian Exchange Limited (NGX) on Monday, the company said it has entered into an agreement with Spectranet to combine the businesses and operations of both firms under a unified corporate structure.

Despite previously describing the deal as an acquisition, Legend now characterises the transaction as a merger.

The deal stems from board and shareholder approvals secured in October and November 2025, when the company told investors it would acquire a licensed rival internet service provider without disclosing its identity.

The latest disclosure confirms Spectranet, one of Nigeria’s most established internet providers, as the counterparty.

Legend said the merger aligns with its long-term strategy to scale broadband infrastructure and deepen its presence in Nigeria’s telecommunications market. The combined entity is expected to integrate fibre and wireless networks, improve operational efficiency, and expand coverage in key urban areas.

“The board believes the transaction will create sustainable long-term value for shareholders by strengthening the company’s competitive position, supporting revenue growth, and improving earnings capacity through operational synergies and increased scale,” the company said.

First to launch 4G LTE

The deal is subject to regulatory approvals from the Federal Competition and Consumer Protection Commission and the Nigerian Communications Commission, with completion targeted for the second quarter of 2026.

The clarification comes after months of investor speculation following Legend’s earlier disclosure that it would acquire both an ISP and a microfinance bank as part of a broader strategy to combine connectivity and financial services.

At the time, shareholders approved plans to raise up to ₦150 billion through debt and equity to fund acquisitions and growth, alongside an increase in share capital.

Spectranet, licensed in 2009, was among the first providers to launch 4G LTE internet services in Nigeria and remains a major player in the fixed wireless broadband segment. It is chaired by Oba Rilwanu Akiolu, the Oba of Lagos while Amrish Singhal is its chief operating officer.

The merger signals a potential consolidation move in Nigeria’s fragmented internet market, where operators are seeking scale to compete on infrastructure, pricing and service quality.

Legend, which listed on the NGX in April 2025, has been expanding rapidly, particularly in fibre-to-home connections in Abuja, and is targeting nationwide growth.

Its shares were flat on Monday following the disclosure but could see increased investor attention as the market digests the implications of the merger. Year to date, the company has delivered 13.42 percent.