Official: Teleology Finally Aqcuires 9Mobile in a $500m Deal | Techpaded Blog
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Official: Teleology Finally Aqcuires 9Mobile in a $500m Deal

The bidding process for 9Mobile which started since last year—with 16 firms—has finally come to an end. Teleology came out as the preferred bidder for the telecom transaction on February 21st, and has beaten the deadline defined in the process by paying a non-refundable $50 million deposit for the acquisition of 9mobile.

Teleology Beats Deadline, Pays $50m Non-refundable Deposit for 9mobile

The chance to acquire 9mobile would have slipped off Teleology's hands if they had failed to meet up with the deadline, as Barclays Africa (the firm in charge of the bidding process) would have invited the reserve bidder, SmileTelecoms Holdings, to takeover 9mobile.

This is much to the pain of SmileTelecom Holdings, which expressed its readiness to take over 9Mobile, claiming they can revive the company in just 90 days - only if given the opportunity. However, Teleology Holding is still required to complete the balance of its $500 million bid for 9mobile in the next 3 months, in order to take full possession of Nigeria's fourth largest telco operator.

All contractual documents for the 9mobile transaction has reportedly been executed by all the parties. Former CEO of MTN NG, Mr Adrian Wood, who captained in the Teleology bid for 9mobile said the company has taken over 9mobile's loan, and they'll bring in an executive management team with a combined experience of 374 years in the telecommunication sector.
“We have 12 executives coming in and they comprise five of my former colleagues at MTN such as the ex-CTO and ex-CFO. Others include executives from Orange, Vodafone, Celtel and others.”

“9mobile is transiting into a new phase that will be defined by optimal value delivery: value to our employees, value to our customers, value to local communities and indeed to all stakeholders.”-Mr Wood.

In addition, Teleology has formed an alliance with Safaricom, the biggest mobile operator in East Africa. After all final touches to this deal has been made, Mr Adrian Wood will be the new executive vice chairman/CEO of 9Mobile. What's unknown now is if the company will change name and rebrand again.

source: ThisDay

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