Teleology Holdings Limited has been selected as the preferred bidder of 9mobile, Nigeria’s fourth-largest mobile network. An official announcement is expected to be made, latest, next Monday, January 29, 2018.
Teleology offered more than $500 million to acquire the mobile network while Smile, the reserve bidder offered about $300 million.
Telology is a private equity firm with an investment portfolio of $11bn. It is promoted by a former Chief Executive Officer of MTN Nigeria, Adrian Wood.
16 bidders had indicated interest in acquiring the mobile network, only five were shortlisted before the number was further reduced to three. Smile had been the only other bidder in the final round of the takeover bid.
Globacom and Helios failed to back their technical bids with concrete financial bids. Airtel pulled out citing “too many hidden things” in the health of the company, leaving just Teleology and Smile Communications in the final acquisition round.
Teleology and Smile will be given 30 days to prove that they have the financial resources to take over 9mobile.
