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Teleology Holdings Acquires 9mobile With $500m Bid

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Teleology Holdings Acquires 9mobile With $500m Bid

 

Fresh reports gathered by BlackBox Nigeria has it that Teleology Holdings Limited has emerged as the highest and selected bidder for 9mobile, the country’s fourth largest mobile network.

It was earlier circulated that indigenous telecomms company, Glo was the highest bidder, fresh updates has it that Glo was only the highest bidder technically, but the company was not willing to pay more for the bidding.

Updates from Barclays Africa, the company handling the acquisition process has it that Teleology is about to take over the Interim Board of 9mobile once it makes payment. It was learnt that about 16 companies formed the first bidders after indicating interest in acquiring the mobile network but only 5 were shortlisted before the number was further reduced to three. The finally three were Teleology, Smile and Airtel.

Airtel later pulled out of the bidding process, leaving Teleology and Smile Communications. It was at this stage the private bids were opened and it was learnt that while Smile offered about $300m, Teleology offered more than $500m to acquire the mobile network.

Teleology Holdings Limited is therefore expected to make payment within a given period to take full possession of the telecomms company that ran into troubled waters in 2017. Teleology is a company promoted by Adrian Wood, the pioneer Chief Executive Officer of MTN Nigeria.

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