Legend Internet Shares Surge 20% on Spectranet Merger Progress

Shares of Legend Internet Plc have climbed 20 per cent within two trading sessions following progress on its planned merger with Spectranet Limited.

The stock rose to N7.25 after hitting the daily price limit twice, reflecting strong investor reaction to the proposed deal announced on March 23, 2026.

The merger is expected to combine both companies into one of the country’s largest internet service providers, with an estimated market value of about N80 billion, subject to regulatory approval and anticipated completion in the second quarter of the year.

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The company confirmed that the transaction has received approval from both its board and shareholders and is advancing toward final regulatory clearance.

Trading data shows that the stock gained 10 per cent on March 24, rising from N6.00 to N6.60, before climbing another 10 per cent the following day to close at N7.25.

Monthly trading volumes have also surged, exceeding 72 million shares and surpassing activity levels recorded in the first two months of the year.

The rally marks a recovery from a weaker performance in 2025, with the stock now up more than 37 per cent year-to-date as investor sentiment improves around expansion prospects.

The combined entity is expected to deliver operational efficiencies by integrating fibre and wireless infrastructure, reducing costs, and improving margins.

The company had earlier reported a decline in profitability, with pretax earnings dropping to N138.3 million for the 2025 financial year, while posting a loss in the first quarter of the current financial year due to rising costs and softer revenue.

Management believes the merger will strengthen network capacity, expand broadband coverage, and support long-term growth through improved service delivery and infrastructure scale.