Telecom

Teleology 'Finishes' Move To Acquire 9 Mobile (Nigeria) In US$500 Million Deal

After an extended period of rumours (and counter-rumor) about the change of ownership at of 9mobile, a youth-focused telecommunications brand in Nigeria ((formerly Etisalat), the interim board of the company seems to have finally accepted the US$500 million offer from Teleology, a private equity firm.

The seemingly protracted 9 Mobile’s change of ownership now seems to be drawing to a conclusion going by reliable sources.

It is reported that Teleology Holdings Limited has paid an initial non-refundable cash deposit of US$50 million which is the required sum to begin the process of acquiring the network provider.

It is to be recalled that Teleology emerged as the preferred bidder for the company, after edging out four other shortlisted interested investors including Smile Communications - who was the reserve bidder.

Further to this development, Mr Adrian Wood, Chief Executive Officer of Teleology, has suggested that meeting all the other sale conditions are in progress, adding that the pending balance of US$450million of the approved bid is ready to be transferred. He affirms that the change of the ownership of 9mobile networks could be completed within the next 90 days once all current challenges, including the regulatory approval, is finalised. The would-be owner of 9mobile is positive about the acquisition and has lined-up experienced executives to run the company.

Industry watchers view Mr Wood's Teleology as the company that with the momentum to revive the troubled 9mobile network.


 





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