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9Mobile to be Sold to Teleology

Boye Olusanya, the chief executive officer (CEO) of 9mobile, has finally confirmed that the telecommunications company, formerly known as Etisalat Nigeria, will be sold to Teleology Holdings.

According to Olusanya, 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 a communication with members of staff, Olusanya said its lenders, presumably Barclays Africa, will now engage Teleology to finalise negotiations 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 via a memo seen by TheCable.

“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.”

TheCable had earlier reported that Teleology, as promoted by Adrian Wood, former CEO of MTN Nigeria, is the preferred bidder for 9mobile, while Smile , a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa, is the reserve bidder.

While Teleology put in a bid of $500 million, Smile quoted $300 million, while Globacom, Nigeria’s second largest operator, and Helios Investment Partners LLP, an investment company, did not make any financial offer for 9mobile.

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