Swift Networks Limited, one of Nigeria’s leading ISPs says it has completed the purchase of Chromecomm Ltd., a subsidiary of Monarch Communications Limited), to advance its broadband market leadership in the country.
Chukwuma Okoye, Chief Operating Officer, Swift Networks Limited, who announced the final closure of the deal, which was initially made public October last year, say the technology company is expanding its Lagos operations by deploying over 1000 new G LTE base stations in the nation’s commercial capital.
The completion of the Monarch Communications unit follows a similar buy of the 4G business of Direct On PC, owned by the Bhojraj Chanrai Group and a leading provider of terrestrial and satellite-based broadband Internet and intranet services in Nigeria.
Just like when it bought the 4G business of Direct On PC, Swift Networks did not disclose the financial details of the purchase of Chromecomm Ltd.
[blockquote right=”pull-right” cite=”Charles Anudu, Managing Director of Swift Networks”]“This acquisition is a significant milestone in our journey to advance our competitive position in the high quality broadband segment and footprint in the Nigerian market. It will improve our customers’ broadband experience and overall operating results as the cost efficiencies arising from the economies of scale of the streamlined operation will accrue to our various stakeholders” [/blockquote]