Glo, Airtel, Dangote, Seven Others Advance to Final Stage in 9mobile Bid

24 November 2017

Mergers, Acquisitions and Financial Results

The scramble to acquire 9mobile, Nigeria’s fourth largest network operator, has advanced to the next stage, with 10 out of the 16 firms that submitted expressions of interest (EoIs) for the telecoms firm, prequalified by Barclays – the financial adviser to the deal – to proceed to the financial bid stage of the exercise.

Sources conversant with the deal informed THISDAY that the 10 firms, having passed the technical evaluation bid stage, have been prequalified to submit their financial bids for the acquisition of 9mobile.

As part of the financial bid process, the companies will also be required to submit bid bonds of $150 million each as evidence of their capacity to pay for the acquisition of 9mobile.

The companies include Globacom Nigeria Limited, Nigeria’s second largest network operator founded in 2003 by business mogul, Chief Michael Adenuga; India’s Bharti Airtel, operating as Airtel in Nigeria; Dangote Group’s telecoms business unit, Alheri Engineering Limited, which has the backing of U.S.-based Blackstone Group with an investment portfolio of $378 billion and a Nigerian subsidiary called the Black Rhino Group; Smile Telecoms Holdings, a South African telecommunications group with subsidiaries in Nigeria, Tanzania and Uganda; and Helios Towers, the former owner and operator of the largest telecoms tower network in Nigeria and other countries, before it sold its Nigerian infrastructure to HIS. Read the full article on This Day here.