The Chief Executive Officer of 9Mobile, Mr Boye Onasanya, has confirmed that Teleology Holding is the preferred buyer of the telecommunication company.
According to Onasanya, Teleology Holdings is chosen as the best bidder in the sale process of 9Mobile, while Smile Communication is the reserved bidder.
This means if Teleology fails to meet the condition for 9Mobile's takeover, the company will automatically be transferred to Smile communciations.
“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,” Onasanya said in a memo sent to staff of the company.
“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 bidding process for a buyer for 9Mobile was co-ordinated by Barclays Bank UK. One of the conditions to get the troubled company is a bank guarantee of $100 million.
Teleology offered to buy 9Mobile for $500 million while Smile is considering $300 million.
Teleology Holdings Limited is a private equity firm run by the pioneer Chief Executive Officer (CEO) of MTN Nigeria, Mr Adrian Wood.
According to industry sources, the company was purposely set up by Wood and some influential Nigerian investors to revive the embattled telecom.
Teleology is also stated to currently manage over $11 billion in portfolio investments.
Mr Adrian Wood, the promoter of the company, is an economist. He was trained at Cambridge and Harvard Universities.
Mr Wood is also the CEO of Brymedia West Africa Limited.