Deadline to complete 9mobile sale process is extended

10 August 2018

Mergers, Acquisitions and Financial Results

Teleology Holdings has been given an extension to finalise its acquisition of Nigerian mobile operator 9mobile, reports This Day. According to the cellco’s CEO Boye Olusanya, the sale deadline has been extended to enable the parties involved in the process – which include the Nigerian Communications Commission (NCC), the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) – to finalise the requisite transaction documentation. ‘The Board of 9mobile is pleased with the progress made thus far and expects the acquisition process to be completed as soon as possible,’ Olusanya said in a statement, adding: ‘Further updates in this regard will be provided in due course. We hereby thank our invaluable customers for their support and reiterate our continuing commitment to providing best-in-class telecoms service.’

In February Teleology emerged as the preferred bidder for 9mobile, which was known as Etisalat Nigeria until July 2017, outbidding pan-African LTE operator Smile Telecoms. Teleology reportedly raised the USD251 million bid balance by the payment deadline but is said to be awaiting regulatory approval from the NCC to complete the takeover. The NCC is reportedly carrying out due diligence on Teleology to ascertain the company’s technical capabilities and financial strength to acquire the cellco.

Source: This Day