Teleology Holdings, an investment company which last month deposited the sum of $50 million to acquire Nigeria’s 9mobil, has 90 days to pay $450 million to complete the acquisition, telecoms regulator said Wednesday, according to Reuters.
Teleology won the race to acquire 9mobile, Nigeria’s fourth largest telecoms provider, with a $500 million bid, the Nigerian Communications Commission (NCC) said, following a bid process arranged by Barclays Africa.
NCC stated that 9mobile would be transferred to Teleology after the payment of $450 million, but added that reserve bidder Smile Communications could be considered if Teleology failed to complete the payment in time.
9mobile, formerly Etisalat Nigeria, is Nigeria’s fourth largest telecoms provider. It took out a $1.2 billion syndicated loan from 13 local banks in 2013 but failed to make repayments last year. Under the stewardship of its lenders, it has changed its board, management and name and is now up for sale.
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Teleology, which was set up by 12 telecoms industry veterans led by ex-MTN Nigeria executive Adrian Wood, was picked as the preferred bidder for debt-laden 9mobile, following a bid process arranged by Barclays Africa. Mauritius-registered Smile Communications, which operates mobile networks in Nigeria, Tanzania and Uganda, was named reserve bidder.