Shares of Legend Internet Plc surged to the top of gainers on the Nigerian Exchange (NGX) on Wednesday March 25, 2026, after the company confirmed a strategic merger with Spectranet Limited.
Legend Internet recorded a 10% price increase to ₦7.26, leading the day’s gainers’ chart, ahead of other stocks including Zicon Allied Industries and Premier Paints, as bullish sentiment followed the announcement.
The rally comes on the heels of disclosures that both firms are combining operations to create a stronger broadband entity, integrating Legend’s fibre-to-the-home infrastructure with Spectranet’s 4G LTE and fibre capabilities.
The merger is expected to enhance network coverage, service quality, and operational scale in Nigeria’s increasingly competitive internet service provider (ISP) market.
Significance of Merger
Industry analysts view the deal as strategically significant. Spectranet is already one of Nigeria’s largest ISPs, part of a group of providers that collectively control a substantial share of the market alongside players like Starlink and FibreOne.
By combining assets, the merged entity is expected to better compete on capacity, pricing, and nationwide reach.
The transaction, which has received board-level approval, is subject to regulatory clearances and is projected to close in Q2 2026, according to company statements.
The combined business is also expected to unlock synergies in infrastructure investment and accelerate broadband penetration, particularly in urban centers such as Lagos and Abuja where demand remains strongest.
