Swift Networks Limited, a leading provider of wireless and fibre-based broadband services to business and residential users, today announced that it has completed the acquisition of the 4G business of Direct On PC. With this transaction, SWIFT will acquire all the wireless/ 4G infrastructure and co-related customers of Direct On PC in Lagos, Abuja and Port Harcourt. The satellite and enterprise business of DOPC remain unaffected by this transaction.
“This acquisition is a significant milestone in our journey to advance our competitive position in the high quality broadband segment and footprint in the Nigerian market. It will improve our customers’ broadband experience and overall operating results as the cost efficiencies arising from the economies of scale of the streamlined operation will accrue to our various stakeholders,” commented Charles Anudu, Managing Director of SWIFT Networks. “The ultimate beneficiaries will be our current, future and DOPC’s erstwhile customers who will now be served by a network with a larger coverage and exceptional focus on customer relationships. We will continue to invest in new technologies and processes that deliver values that make sense to them.”
“SWIFT and DOPC are a perfect fit as we share a common passion for innovation and customer satisfaction. I am happy that we found the SWIFT home for our 4G WiMAX customers as they will join an operator that has become the undisputed leader in both network quality and customer service in its category”, enthused Mahesh Sadhwani, the Vice Chairman of the Bhojraj Chanrai Group and Owner of Direct On PC.
While the financing for this transaction was provided by Union Bank and FCMB, the financial terms were not disclosed. This transaction has received the full approval of Nigeria Communications Commission (NCC).
SWIFT Networks is also pleased to announce that it has contracted a consortium of equipment vendors and service providers led by Huawei, IHS, Helios, SWAP and Porta One to rollout a new superfast broadband network in the cities of Lagos, Abuja and Port Harcourt, based on the new 4th Generation Long Term Evolution (4G LTE) technology. This will run alongside our current 4G WiMAX and fibre networks, using some of the assets from the DOPC acquisition. LTE is an initial for Long Term Evolution, marketed as 4G LTE, a standard for wireless communication of high-speed data for mobile phones and data terminals. It is designed to increase the capacity and speed using a different radio interface together with core network improvements. SWIFT’s LTE networks will go live from the third quarter of this year.
“We’re going to ramp up our access speed offering with this 4G LTE rollout to further improve the availability and penetration of high quality broadband services to more homes and businesses” according to Chukwuma Okoye, the Chief Operating Officer of SWIFT Networks. “With our 4G LTE services, more businesses and homes will become more productive and competitive as they are able to do more at real 4G speeds. Workers in the same office and members of the same family will also be able to share the same 4G connection, make and receive clear voice calls and stream high definition video and music content at affordable prices.“
SWIFT Networks will deliver its 4G LTE service under the brand of “SWIFT 4G LTE”, reflecting the fastest wireless broadband standard allowed by today’s technology. The services provided will cover a broad spectrum of user needs aimed at meeting any business or lifestyle requirement for very fast and consistently reliable broadband speed. Overall, SWIFT Networks will continue to back its services with superior and world class customer service.
About SWIFT NETWORKS
SWIFT Networks Limited is a leading provider of wireless and fibre based broadband services to enterprise and consumer customers. As of June 12, 2013, SWIFT’s 4G WIMAX and fibre broadband networks cover an area of Lagos where over 14 million people live and work. The company plans to continue to upgrade and expand its 4G LTE coverage in Lagos, the Federal Capital Territory and Rivers State where it already has spectra in the 3.5GHz and now 2.3GHz frequencies.
The acquisition of DOPC’s 4G wireless assets and SWIFT’s planned all-IP 4th Generation (4G) wireless broadband network architecture will make an unprecedented contribution to improving the quality of and penetration of high quality broadband services at a more affordable price for many Nigerian businesses and homes, in line with the recently launched National Broadband Plan of the Nigerian Federal Government.
The key investors in SWIFT include The Candel Company Limited, African Capital Alliance together with 24 others. Additional information on SWIFT Networks is available at http://www.Swiftng.com.
About Direct On PC
Direct On PC is a member of the legendary Bhojraj Chanrai Group and a leading provider of terrestrial and satellite based broadband internet and intranet services to and requirement of Internet / Intranet services to Corporate, SME, NGO, Government and Educational Institution customers in West Africa. The Bhojraj Chanrai group has worldwide interests in Financial Services, Security Solution Services and IT.