9mobile buyer requests payment deadline extension
6 July 2018
Teleology Holdings has sought an extension to pay the final bid price for Nigerian wireless operator 9mobile, which was known as Etisalat Nigeria until July 2017, reports News Agency of Nigeria (NAN). In February Teleology emerged as the preferred bidder for 9mobile, beating the only other participant – pan-African LTE operator Smile Telecoms.
Led by former Chief Executive of MTN Nigeria Adrian Wood, Teleology was expected to pay the balance of its USD500 million bid within 90 days, in order to take full possession of the indebted cellco. NAN cites sources as saying that Teleology has requested a 20-day extension to the payment deadline, which expired on 30 June.