9mobile says its acquisition deadline has been extended

Nigeria's regulatory agencies are still finalising the takeover deal as well as technicalities of the investment firm, Teleology.

Teleology, an investment firm led by the former MTN Nigeria chief, Adrian Wood, emerged as the preferred bidder in February 2018, following a bid process arranged by Barclays Africa, after a debt default which forced Etisalat out of the country.

Nigeria's regulatory agencies are still finalising the takeover deal as well as technicalities of the investment firm, Teleology. Reports have it that the deal will be close in a week from now although regulators have kept mum over their findings.

Boye Olusanya, 9mobile CEO, in a statement issued on Thursday, July 26, 2018, said the extension is to allow the parties involved finalise the required documentation and ensure a smooth transition to the new investor.

Olusanya said the transaction will be completed as soon as possible.

“The board of 9mobile is pleased with the progress made thus far.”

“Further updates in this regard will be provided in due course,” he said.

The deal is taking longer time

Teleology initially had until the end of June to make the balance payment of $251 million to take over 9mobile but pleaded for an extension for 20 days, which lapsed Wednesday, July 26, 2018.

This was after the telcom firm dropped a non-refundable commitment fee of $50 million in March. It is uncertain if Teleology has made final payment.

Nigerian regulatory agencies meet

The Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN) and other stakeholders met last Tuesday in the process and other technical issues.

There was no word from any of the agencies on the fate of Teleology Holdings.

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