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Teleology To Pay $450m To Close Nigeria’s 9mobile Takeover

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Nigeria’s Teleology Holdings has 90 days to pay $450 million to
complete its acquisition of telecoms provider 9mobile or face a rival
bid, the country’s telecoms regulator said on Wednesday. 

The
Nigerian Communications Commission (NCC) said 9mobile would be
transferred to Teleology after the payment of $450 million, but added
that reserve bidder Smile Communications could be considered if
Teleology failed to complete the payment in time. 
9mobile,
formerly Etisalat Nigeria, is Nigeria’s fourth largest telecoms
provider. It took out a $1.2 billion syndicated loan from 13 local banks
in 2013 but failed to make repayments last year. 
Under the stewardship
of its lenders, it has changed its board, management and name and is now
up for sale. 

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Investment holding company Teleology
said last month it had made a $50 million deposit to meet conditions for
the acquisition and had partnered with East Africa’s largest telecoms
operator Safaricom to transform debt-laden 9mobile. 
Teleology,
which was set up by 12 telecoms industry veterans led by ex-MTN Nigeria
executive Adrian Wood, was picked as the preferred bidder for debt-laden
9mobile, following a bid process arranged by Barclays Africa.
Mauritius-registered Smile Communications, which operates mobile
networks in Nigeria, Tanzania and Uganda, was named reserve bidder. (Reuters)

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