Nigeria: 9Mobile (Formerly Etisalat) To Be Bought By Teleology For USD 500 Million

Adrian Wood's Teleology has agreed to pay USD 500 Million to buy Nigeria's fourth largest mobile network operator 9 Mobile (formerly known as Etisalat). Industry insiders will recall that Adrian Wood was the erstwhile managing director for MTN in Nigeria up till 2011.

According to sources, Teleology Holdings, a special purpose vehicle created by Mr Adrian Wood was selected as the preferred bidder to buy the mobile telecoms company beating Smile Telecoms Holdings, which offered USD 300 Million and emerged as the second favourite bidder.

Both Teleology Holdings and Smile Telecoms Holdings have been given up to thirty (30) days to show proof of their financial capabilities for the purchase.

Should this sale go through successfully, it will bring to a close the sale of the debt-ridden Nigerian telecoms operator.  Barclays Africa is the process manager.

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