HomeBusiness9Mobile sale: Barclays declares Teleology Holdings the preferred bidder, could still lose...

9Mobile sale: Barclays declares Teleology Holdings the preferred bidder, could still lose spot to Smile Holdings

Jumia Black Friday Deals

9Mobile sale: Barclays declares Teleology Holdings the preferred bidder, could still lose spot to Smile Holdings

Barclays Africa has put a much-needed end to the debate that has ensued in the case of who gets the remains of 9Mobile – the network that metamorphosed from the Etisalat brand name.

While speculations had already pointed fingers at Teleology Holdings, an official letter from the financial advisor confirms this. In the letter, it is also stated that Teleology pays a non-refundable sum of $50 million on or before 21 days to the time of writing the letter. For the records, the letter was dated 21st February.

On February 11, 2018, the NCC claimed that it had no information as to whom the new owner of 9Mobile would be since they were yet to receive any information from Barclays. As from now, Teleology can now count themselves the lucky owners of 9Mobile after a dragged-out acquisition process.

Emerging as the preferred bidder, Teleology was granted a 30-day timeframe to conduct all inside checks and finalise financial aspects of the deal.

Some of the privileged information that the communications house will be privy to include, but are not limited to, financial records of 9Mobile and the opportunity to seek further clarifications as concerns the brand.

 

Currently, the onus is on Teleology to either go forward with the deal or like Airtel, pull out at the last minute too. As a precaution, the preferred bidder spot will be lost to Smile Holdings Limited. This provision will kick into play should Teleology fail to follow through with the indicated amount and in the stated time frame too.

Latest articles

Best Valentine’s Day Gifts Ideas

Looking for a great Valentine's Day gift for your loved one? You are in...

Best Web Hosting Services for Small Business in 2024

Your business's online presence is as vital as any physical storefront or office. The...

8 Reasons to Buy the Oppo Reno 11 5G

Are you in the market for a new smartphone? Look no further than the...

10 Key Features of the Tecno Spark 20 Pro Plus

Tecno has introduced the top of the line member of its latest Spark Series....

How to Open OPay Account for Seamless Banking

OPay is a leading mobile banking and payment platform that allows you to make...

SpaceX launches First Starlink Direct to Phone Satellites

SpaceX has announced the launch of its first set of direct to cell satellites...

How to Track a Cheating Spouse

Lacking trust in a relationship can lead to sleepless nights, restlessness, and worry. If...

More like this

Best Web Hosting Services for Small Business in 2024

Your business's online presence is as vital as any physical storefront or office. The...

Top Nigerian Banks Partner to launch New cNGN Stablecoin

With the Central Bank of Nigeria relaxing its restrictions on cryptocurrencies in the Nigerian...

Why you need Strong Digital Supply Chain Management

Digital transformation is crucial to the survival of any business today. And to truly...