Barclays Confirms Teleology as Preferred Bidder of 9mobile

23 February 2018

Mergers, Acquisitions and Financial Results

Barclays Africa, the financial adviser handling the sale of 9mobile, Wednesday finally put to rest several media speculations about the actual sale of 9mobile.

The financial adviser transmitted an official letter to Teleology Holdings Limited, confirming it as the preferred bidder in the sale of 9mobile.

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.

A source at Barclays Africa, who confided in THISDAY, said the letter 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. Read the full article on This Day here.