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Teleology Wins Bid for 9Mobile

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The battle for acquisition of 9Mobile may have finally come to an end as Teleology Holding has emerged the preferred buyer of the telecommunication company.

This was disclosed by the Chief Executive Officer, Mr Boye Onasanya, as Barclays Africa, the financial adviser handling the sale of 9mobile, also transmitted an official letter to Teleology Holdings Limited, confirming it as the preferred bidder in the sale of 9mobile.

According to Olusanya, Teleology Holdings emerged the best bidder in the sale process, while Smile Telecoms Holdings is considered as reserved bidder if Teleology reneges on its bid for the multimillion-dollar company.

In a communication with members of staff, Olusanya said its lenders, presumably Barclays Africa, will now engage Teleology to finalise negotiations on the sale of the company.

“In line with my previous communications on the bid process, discussions and negotiations have put the board in a position to name Teleology Holdings as the preferred bidder for our company,” Olusanya said in the memo.

“The lenders will now engage Teleology Holdings to conclude other aspects of the negotiation and I will continue to provide updates as and when the milestone occur.”

The letter also directed Teleology Holdings to make a non-refundable cash deposit of $50 million within 21 days from the date of the letter, dated February 21, 2018, or lose the bid to the reserve bidder, Smile Holdings Limited.

According to THISDAY report, a source at Barclays Africa, said Teleology Holdings Limited has got a letter that served as the official document for the conclusion of the sale of 9mobile.

Although it has been reported that Teleology had been selected as the preferred bidder, but such reports were based on speculations, as Teleology had not earlier received any official document from both Barclays and 9mobile, and not even from the telecommunications industry regulator, the Nigerian Communications Commission (NCC).

NCC had on February 1, 2018, clarified that it was yet to receive any information from Barclays Africa and 9mobile concerning the sale of 9mobile, and dismissed as speculations and reports making the rounds then, that Teleology had emerged as the preferred bidder.

 

The official letter signed by Barclays and transmitted to Teleology Wednesday, has, therefore, finally confirmed Teleology as the preferred bidder.