LAGOS, Mar 24 – Legend Internet Plc plans to merge with Spectranet in a move that brings together two of Nigeria’s broadband providers, as competition and rising costs reshape the internet service market.
The proposed transaction, disclosed in a filing to the Nigerian Exchange, will combine both companies under a single corporate structure. The deal is subject to approval from the Federal Competition and Consumer Protection Commission and the Nigerian Communications Commission, with completion targeted for the second quarter of 2026.
Legend said its board approved the merger in October 2025, with shareholders ratifying the decision a month later. The company stated that the combination is expected to improve network capacity through the integration of fibre and wireless infrastructure, while also supporting wider coverage across urban markets.
The merged entity would combine Spectranet’s position in the home and small business segment with Legend’s existing infrastructure and publicly listed status.
The transaction comes as internet providers face mounting pressure from larger telecom operators. Companies such as MTN and Airtel have expanded their home broadband offerings, while newer players and alternative technologies are gaining ground.
Industry data shows Spectranet’s subscriber base has been declining. In 2025, active users fell below 100,000 for the first time since official records began, including a loss of 3,732 subscribers in the second quarter.
Despite this, Spectranet remained the largest wireless ISP by subscribers as of mid-2025 and held about 47.3% of the segment as of late 2024.
For Legend Internet, the deal follows its listing on the Nigerian Exchange in April 2025. The company’s shares, which debuted at ₦5.64 and later rose to ₦10.35, were trading around ₦6.00 as of March 23, 2026, giving it a market value of about ₦12 billion.
Financial details of the merger were not disclosed.
