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NCC reduces MTN fine to USD 3.4 billion
2015-12-03 09:23:00| Telecompaper Headlines
(Telecompaper) MTN Group's negotiations with the Nigerian Communications Commission (NCC) have led to the fine against the operator being reduced to the equivalent of USD 3.4 billion from USD 5.2 billion previously. In a statement, MTN said it received a formal letter dated 2 December from the NCC informing the company that, after considering the company's request, it has taken the decision to reduce the fine on MTN Nigeria from the original NGN 1.04 trillion to NGN 674 billion, to be paid by 31 December. The fine relates to the late disconnection of 5.1 million MTN Nigeria subscribers in August and September for failure to register their personal details. MTN said its carefully considering the NCC's reply, and Executive Chairman Phuthuma Nhleko will "immediately and urgently" re-engage with the Nigerian authorities before responding formally.
Tags: fine
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Comtech to acquire TCS for USD 430.8 mln in cash
2015-11-23 21:02:00| Telecompaper Headlines
(Telecompaper) Comtech has agreed to acquire TeleCommunication Systems (TCS) for USD 5.00 per share in cash, or a total of USD 430.8 million. The price represents a premium of 13.9 percent compared to the last closing trading price of TCS shares and 35.1 percent over the last closing trading price one day after TCS's announcement in July that it had formed a special committee to explore strategic alternatives to enhance stockholder value. The deal was unanimously approved by the board of directors of both companies.
Best Buy posts USD 8.82 billion Q3 revenue
2015-11-22 12:00:00| Telecompaper Headlines
(Telecompaper) US consumer electronics retailer Best Buy posted USD 8.82 billion of revenue in its third quarter to 31 October, compared to USD 9.03 billion a year earlier. US sales improved by 1.2 percent to USD 8.09 billion from USD 7.99 billion and international segment revenue declined to USD 729 million from USD 1.04 billion. From a merchandising perspective, comparable sales growth in computing, major appliances, health and wearables, and large-screen televisions was partially offset by declines in tablets, mobile phones and digital imaging. Domestic online revenue of USD 709 million increased 18.3 percent on a comparable basis, primarily due to higher conversion rates and increased traffic. As a percentage of total domestic revenue, online revenue increased 130 basis points in a year to 8.8 percent. Best Buy recorded a 2.6 percent operating income margin in its latest quarter, versus 2.3 percent in the year-earlier period. Diluted EPS from continuing operations came to USD 0.37, compared to USD 0.33 a year ago.
Sprint to raise USD 1.2 bln by selling, leasing back devices
2015-11-20 17:53:00| Telecompaper Headlines
(Telecompaper) Sprint has signed an agreement with newly formed Mobile Leasing Solutions for the sale and lease-back of certain leased devices. The operator expects the deal to deliver approximately USD 1.1 billion in cash as part of a total consideration of USD 1.2 billion. The transaction is expected to close in the first week of December. It is designed to immediately improve the company's liquidity position. Mobile Leasing Solutions was formed by equity investors including SoftBank. Brightstar is providing its lease management and tracking system and providing remarketing services. A forward purchase agreement is being finalised with Foxconn. Sprint said that it now expects USD 6.8 billion to USD 7.1 billion of Adjusted EBITDA in 2015, compared to its earlier target of USD 7.2 billion to USD 7.6 billion.
Tags: back
selling
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Cisco offers USD 700 million for Acano
2015-11-20 15:57:00| Telecompaper Headlines
(Telecompaper) Cisco said it wants to acquire Acano, a privately held company based in London that provides collaboration infrastructure and conferencing software, for USD 700 million in cash and equity. There will also be additional retention based incentives for Acano employees who join Cisco.
Tags: offers
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