Legend Internet shares jump 20% as merger with Spectranet advances

Legend Internet Plc shares on the Nigerian Exchange have climbed 20% within two days following the company’s merger announcement with Spectranet Limited, with shares now priced at N7.25 each.

The proposed deal, announced on 23rd March 2026, will merge both companies, forming one of Nigeria’s largest internet service providers with an estimated N80 billion market value, expected to be finalised in Q2.

Legend Internet confirmed the merger has board and shareholder approval and is moving toward regulatory clearance, aiming to combine fibre and wireless networks to strengthen operational efficiency and scale.

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The combined entity aims to reduce costs and improve margins, particularly as Legend Internet posted a pretax loss of N21.7 million for Q1 ended October 31, 2025.

What the trading data is saying

Trading data from the Nigerian Exchange shows Legend Internet shares surged 20% within two days of the merger announcement on March 23, 2026, triggering the daily price limit twice.

• On March 24, the stock rose from a previous close of N6.00 to N6.60, gaining 10% and ranking among top performers alongside John Holt, Airtel Africa, and Consolidated Hallmark.
• The following day, the stock jumped another 10% to close at N7.25, topping the daily chart, as monthly trading volume surged past 72 million shares, surpassing January and February totals.

As of the March 26 pre-market session, the stock has returned over 37% year-to-date, rebounding from a weak 2025 performance and likely supported by renewed investor interest in expansion plans.

• Earlier, on April 24, 2025, the company listed 2 billion ordinary shares on the Nigerian Exchange at N5.64, rallying to N9.05 by the end of that month.

However, the rally reversed in subsequent months, with the stock declining steadily to close at N5.30 by the last trading day of December 2025.

**Get up to speed **

Legend Internet operates a July financial year-end, reporting a pretax profit of N138.3 million in FY 2025, down from N281.4 million, with revenue of N1.19 billion.

In the first quarter ended October 2025, the company posted a pretax loss of N21.7 million, compared to a N94.5 million profit in Q1 2024, driven by softer revenue and rising operating costs.

• The recent merger with Spectranet is expected to strengthen network capacity, improve service delivery, and expand broadband coverage across Nigeria.
• Management also anticipates cost efficiencies from integrating fibre and wireless infrastructure, which could support margin recovery and long-term profitability.

Chairman Dr. Oladimeji Bada said the deal is intended to support the company’s plan to expand its digital infrastructure platform and improve broadband capacity across Nigeria.

What you should know

• Over 160 million shares of Legend Internet have traded so far in 2026, already eyeing over 500 million shares exchanged in 2025.
• The company has delayed filing its Q2 financial statements for the period ended January 31, 2026,citingongoing internal reviews and reconciliation to ensure accuracy before release.
• Market reaction to the merger announcement has been positive, reflected in both strong price appreciation and a significant increase in trading volumes.

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