Legend Internet Plc filed a regulatory notice with the Nigerian Exchange Limited, the country’s capital market operator, announcing a planned merger with Spectranet Limited, a move set to reshape the broadband sector.
The deal, disclosed on Monday, is subject to approval by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, with completion anticipated in the second quarter of 2026.
The companies said the merger will combine Legend’s fibre-to-the-home network with Spectranet’s 4G LTE and fibre services, aiming to boost operational efficiency, expand coverage in urban centres, and improve service quality.
“The proposed merger aligns with Legend’s long-term strategy to broaden broadband infrastructure and strengthen its market position,” the filing said.
The internet firms did not provide details on the financial terms of the merger, including the transaction’s valuation or the proposed share structure.
Since its founding around 2014 and formal incorporation in 2021, Legend has laid over 250,000 metres of fibre and connected more than 10,000 homes as of mid-2024. The company went public on the Nigerian Exchange in April 2025, listing two billion shares at N5.64 each to fund nationwide expansion.
Spectranet, headquartered in Lagos and founded around 2010, is a licensed Internet Service Provider operating on 4G LTE technology in the 2.3 GHz band. The company provides broadband services to homes and businesses, focusing on affordable unlimited and high-volume data plans. Spectranet is also expanding its fibre-optic “home fibre” and “fibre-on-air” offerings in select cities.
The company said it remains committed to keeping the Nigerian Exchange and the investing public informed of any material developments as the merger process progresses.