Barclays Named Teleology Holdings Ltd As 9mobile’s New Owner

Barclays Bank, has announced Teleology Holdings Ltd winner of the 9Mobile bid. In a letter confirming the sale of 9Mobile to the company, Barclays asked Teleology Holdings Limited to pay a non-refundable deposit of US$50 million within 21 days, starting on February 2018.

The bid saw Teleology Holdings Limited coming first offering nearly 500 million US dollars to buy 9Mobile while Smile Holdings Limited came second offering nearly 300 million US dollars for 9Mobile.

9Mobile was put up for sale after the parent company Etisalat pulled out of Nigeria due to debt crisis. The initial bid for the company started with all the big telecom company showing interest. They include MTN, GLO, Airtel, Smile Holdings Limited and Teleology Holdings Limited.

Although Teleology Holdings Limited may have won the bid but in the event that it fails to make the initial payment of the non-refundable deposit of US$50 million within 21 days, Smile Holdings Limited started the chance of making an offer. 

No comments