Teleology Holdings, appointed in February 2018 the preferred bidder for the acquisition of mobile operator 9mobile, has been given additional time to finalize this operation. The initial 90-day time limit for Teleology to pay $ 251 million, after having already paid a non-refundable advance of $ 50 million in March, expired on July 25, 2018. The company still had not received legal approvals from the Nigeria Communications Commission (NCC) and other authorities in the country.
In a statement issued after the meeting between the various parties involved in the acquisition of 9mobile by Teleology, held July 24, 2018, Boye Olusanya the president and CEO of the telecom company found this extension of the schedule necessary to allow the parties involved in the sales process to finalize the transaction documents necessary to facilitate the closing of this transaction and ensure the transition to the new investor.
“9mobile’s Board of Directors is satisfied with the progress made so far and expects the acquisition process to be completed as soon as possible, further updates will be provided in a timely manner”, underlined Boye Olusanya. The length of time corresponding to the new deadline granted to Teleology Holdings has not been revealed.