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Report: Teleology emerges preferred bidder for 9mobile

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Report: Teleology emerges preferred bidder for 9mobile

Thisday is reporting that Teleology Holdings Limited have been selected as the preferred bidder for 9mobile, the country’s fourth-largest mobile network.

The company beat Smile Communications, the only other company which made it into the final round, to secure the coveted 9mobile in a process supervised by Barclays Africa.

Thisday reports that the Interim board of 9mobile met on Friday and decided to accept the offer from Teleology, based on the recommendation by Barclays.

According to the report:

Teleology Holdings Limited is therefore expected to make payment within the given period to take full possession of the telecoms company.

Promoted by Adrian Wood, the pioneer Chief Executive Officer of MTN Nigeria, Teleology emerged as the new owner of 9mobile ahead of Smile, which had been the only other bidder in the final round of the takeover bid.

Though 16 bidders had indicated interest in acquiring the mobile network, only five were shortlisted before the number was further reduced to three.

While Globacom and Helios failed to back their technical bids with concrete financial bids, Airtel later pulled out of the process, leaving just Teleology and Smile Communications.Teleology, a private equity firm with an investment portfolio of $11bn, offered more than $500 million to acquire the mobile network while Smile offered about $300 million.

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