Friday, February 23, 2018

Official: Teleology is preferred bidder for 9Mobile

The financial adviser on the sale of 9mobile, Barclays Africa has finally concluded on this mandate as it transmitted an official letter to Teleology Holdings Limited, thus settling speculations on the preferred bidder in the sale of 9mobile, reports ITRealms.
The chief executive officer of 9Mobile, Mr Boye Onasanya, also confirmed that Teleology Holding is the preferred buyer of the telecommunication company.
According to ThisDay reports which quoted Olusanya as saying that Teleology Holdings emerged the best bidder in the sale process, while Smile Telecoms Holdings is considered as reserved bidder if Teleology reneges on its bid for the multimillion-dollar company.
In an internal memo, Olusanya informed employees of the latest development, saying its lenders, Barclays Africa, would continue the final process with Teleology to negotiate on the sale of the company.
“In line with my previous communications on the bid process, discussions and negotiations have put the board in a position to name Teleology Holdings as the preferred bidder for our company,” Olusanya said.
“The lenders will now engage Teleology Holdings to conclude other aspects of the negotiation and I will continue to provide updates as and when the milestone occur.”
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.
As at Thursday, source close to Barclays Africa, had confirmed Teleology Holdings Limited received a letter notifying the company as the official document for the purposes of finishing on the sale of 9mobile.

ITRealms recalls that NCC had on February 1, 2018, clarified it was yet to receive any information from Barclays Africa and 9mobile concerning the sale of Etisalat turned 9Mobile, and dismissed as speculations and reports making the rounds then, that Teleology had emerged as the preferred bidder.
Chuks Egbune/GEE
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