Adrian Wood's Teleology pays $50m deposit to finalise 9mobile takeover

Wood said Teleology has detailed an ambitious plan of action that will guide the rapid overhaul of the network and operations of 9mobile

Wood, Teleology’s Director and pioneer Managing Director of MTN stated this in a statement the company made available on Wednesday, March 21, 2018.

He said the payment underscored Teleology’s financial capability and readiness to revive the organisation, adding it was set to aggregate a 10-point to turn 9mobile around.

“In the last few days, key executives of the organisation have been deep in meetings with the Nigerian bank syndicate, the regulatory authorities and advisors."

'Ahead of the March 22 deadline set by the Financial Advisers, Teleology has also transferred a non-refundable completion deposit of 50 million dollars to the trustees of the bank syndicate presently holding ownership of 9Mobile.'

'Equally important, Teleology has detailed an ambitious plan of action that will guide its rapid overhaul not only of the network but all aspects of the operations,' he said.

In February 2018, Barclays Africa, the financial adviser handling the sale of 9mobile, had transmitted an official letter to Teleology Holdings Limited, confirming it as the preferred bidder in the sale of 9mobile.

Teleology emerged as the new owner of 9mobile ahead of Smile and other bidders, and was expected 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.

The acquisition bid was as a result of the Abu-Dhabi based investor, Etisalat Group, largest shareholder, pulling out its investment out of the country after it defaulted on a $1.2 billion loan given to it by a syndicate of 13 Nigerian banks.

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