Nigeria’s first indigenous broadband company to be listed on the Nigerian Exchange (NGX) Limited, Legend Internet Plc, has commenced talks with Spectranet for a possible merger deal before the end of June 2026.
In a notice on Monday, Legend Internet said the proposed merger aligns with its long-term strategy to expand broadband infrastructure and strengthen its position within Nigeria’s telecommunications sector.
The Abuja-based Nigerian technology company, founded in 2021, specialises in fibre-to-the-home (FTTH) broadband, fintech, and digital services. The company operates a high-speed, 1Gbps-capable fibre network, focusing on premium digital.
The transaction is expected to deliver significant strategic and financial benefits, including enhanced network capacity through the integration of fibre and wireless infrastructure, improved operational efficiency, and expanded coverage across key urban markets.
The firm’s board believes the transaction will create sustainable long-term value for shareholders by strengthening its competitive position, supporting revenue growth, and improving earnings capacity through operational synergies and increased scale. The deal is expected to be value accretive to shareholders over the medium to long term.
However, it is subject to the approval of relevant regulatory authorities, including the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (FCCPC). Subject to obtaining the required approvals, completion is anticipated in Q2 2026.
Legend assured stakeholders in the capital market that it remains committed to maintaining transparency and will continue to keep NGX and the investing public informed of any material developments in respect of the transaction.
Spectranet was awarded a License from the Nigerian Communications Commission in 2009 to promote Internet services across Nigeria. Spectranet was the first Internet Service Provider to launch 4G LTE internet service in Nigeria and aims to be a leader in the Internet Services space.