CyberSchuulNews reports that Telkom South Africa has said it will withdraw all funding from Multilinks in Nigeria since its attempt to sell the ailing firm to Visafone has been lost to litigation. Helios Towers had raised charges that the South African firm walked away from a ten-year rental agreement in Nigeria after only three years.
Telkom bought 75% into multilinks for $280million in 2007 and paid up the balance of $130 million in 2009. The South African firm was unable to turn the fortunes of Multilinks around, and put it up for sale.
The Helios charge has ended Visafone’s move to acquire the ailing pioneer CDMA operator in Nigeria.