Indications have emerged that Teleology Holdings Limited may have been finally selected as the preferred bidder for 9mobile, the country’s fourth-largest mobile network.
This development may have brought to an end the acquisition process supervised by Barclays Africa.
A source close to the interim board of 9mobile said that Barclays Africa, the financial adviser managing the sales of the telecom company had since submitted its recommendations on the sale of 9mobile. The Interim board met today and decided to settle for 9mobile based on the recommendation of Barclays.
Teleology Holdings Limited is therefore expected to make payment within the given period to take full possession of the telecoms company.
Promoted by Adrian Wood, the pioneer Chief Executive Officer of MTN Nigeria, Teleology emerged as the new owner of 9mobile ahead of Smile, which had been the only other bidder in the final round of the takeover bid.
Though 16 bidders had indicated interest in acquiring the mobile network, only five were shortlisted before the number was further reduced to three.
While Globacom and Helios failed to back their technical bids with concrete financial bids, Airtel later pulled out of the process, leaving just Teleology and Smile Communications.
Teleology, a private equity firm with an investment portfolio of $11bn, offered more than $500 million to acquire the mobile network while Smile offered about $300 million.