The chief executive officer (CEO) of 9mobile, Boye Onasanya, announced that the telecommunications service provider 9mobile formerly known as Etisalat Nigeria will be sold to Teleology Holdings.
Teleology Holdings won the bid for the sale of the company. Smile Telecoms Holdings is still on standby as a reserved bidder if Teleology decides not to follow through on its bid for the multimillion-dollar company.
Onasanya gave details that its lenders, presumably Barclays Africa, will assist Teleology to conclude negotiations on the transaction.
“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,” said the 9mobile CEO.
“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 occurs.”
Teleology is currently promoted by Adrian Wood a former CEO of MTN Nigeria when MTN commenced operations in Nigeria.
Teleology, is the choice bidder for 9mobile, while Smile, a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa, remains the reserve bidder in the transaction.
While Teleology put in a bid of $500 million, Smile quoted $300 million, On the flip side Globacom, Nigeria’s second-largest operator, and Helios Investment Partners LLP, an investment company, did not make any financial offer for 9mobile.