The New Generations Telecoms buys NITEL for $2.5b

AFTER a rigorous bid which saw five consortia, jostling for the soul of Nigeria’s first National Telecommunications carrier, NITEL, the New Generations Telecommunications Consortium, yesterday, emerged winners of the new NITEL with a bid of $2.5 billion.

New Generations Telecommunications Consortium is the former Telefonica. The consortium included China Unicom (Hong Kong) Limited, Minerva Group of Dubai and local company GiCell Wireless Limited. Announcing the result of the bid, BPE’s Head, Public Communications, Mr. Chigbo Anichebe, revealed that Brymedia Consortium bided $551million for the whole of NITEL, while MTN Nigeria offered $25million for SAT-3 only.

South Africa Telkom bought 25 percent of Nigeria Multi-Links for $130 million

South Africa's biggest fixed-line phone operator Telkom had bought the 25 percent of Nigerian firm Multi-Links it does not own for $130 million, the company said on Thusrday.

Telkom said it bought the private telecommunications operator from Kenston Investment Ltd. The deal was effective from January 21.

Telkom acquired 75 percent of Multi-Links in May 2007.

Citigroup Agrees to Buy Wachovia's Banking Operations

Citigroup Inc., the biggest U.S. bank by assets, will acquire banking operations of Wachovia Corp. for about $2.16 billion after shares of the North Carolina lender collapsed under the weight of overdue mortgages.

The all-stock deal equals about $1 a share for the Charlotte-based bank, ranked sixth by assets in the U.S. All depositors will be protected, according to the Federal Deposit Insurance Corp., which helped broker the takeover by Citigroup. The New York-based bank plans to cut its own dividend in half and raise $10 billion in capital as it takes on Wachovia's senior and subordinated debt.

The purchase gives Citigroup about 3,300 branches and offices in 21 states. Wachovia will continue to own the A.G. Edwards Inc. brokerage and the Evergreen mutual-fund family.

First Reserve Corp. has completed its C$3.7 billion buyout of CHC Helicopter

First Reserve Corp. has completed its C$3.7 billion buyout of CHC Helicopter Corp. (NYSE: FLI), a provider of helicopter services to the global offshore oil and gas industry. Morgan Stanley led the debt syndicate.

The Arrangement was approved by CHC’s shareholders at a special meeting held on April 29, 2008, and was approved by the British Columbia Supreme Court on May 1, 2008. Under the Arrangement, 6922767 Canada Inc. acquired all of CHC’s outstanding Class A Subordinate Voting Shares and Class B Multiple Voting Shares for cash consideration of CDN$32.68 per share.

It is expected that the CHC Class A Subordinate Voting Shares and Class B Multiple Voting Shares will be delisted from the TSX and the NYSE (in respect of the Class A shares) later this week.

Also, on September 15, 2008, CHC’s cash tender offer (the “Offer”) for all outstanding CHC’s 7 3/8% senior subordinated notes due 2014 (the “Notes”) and the related consent solicitation expired. CHC indicated that approximately US$392 million principal amount of the Notes was validly tendered to the Offer. All Notes validly tendered were purchased by CHC and submitted to the trustee for cancellation. As a result of CHC’s purchase of the tendered Notes, the amendments to the Notes indenture contemplated by the consent solicitation have become operative.

CHC intends to apply to the relevant securities regulatory authorities to cease to be a reporting issuer in each of the jurisdictions in Canada where is it currently reporting.