Connect with us
Advertise With Us

BUSINESS

Glo Distances Self From Rumoured Acquisition Of 9Mobile

Published

on


Telecommunications giant, Globacom, has distanced itself from media reports which insinuated that it was the preferred bidder to acquire telecommunications company, 9Mobile.

A press statement issued in Lagos on Friday said: “Globacom has not acquired 9Mobile as widely reported in the media.”

According to the company, “We are bound by the terms of the acquisition process as stipulated by the authorities handling it and we will not in any way sway or deviate from the rules”.

“We repose confidence in Barclays Africa, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) which are handling the process that will lead to the emergence of a new owner for the company”.

Globacom urged all stakeholders and, indeed, the Nigerian public to disregard the report. Online new media blogs have been awash this week insinuating that Globacom has won the 9Mobile bid.

Just on Thursday, the Nigerian Communications Commission (NCC) debunked media reports (not LEADERSHIP) that one of the five bidders had acquire 9Mobile, Nigeria’s fourth largest mobile network which is indebted to some banks, is being preferred above others.

The telecommunications regulator and the Central Bank of Nigeria (CBN) had last year appointed an interim Board and Management to run the affairs of the mobile network pending the conclusion of the sale of the network to a new owner. This follows the abdication of the company’s equity by its majority shareholders, Etisalat International and Mubadala of United Arab Emirates (UAE).

A statement issued yesterday by Tony Ojobo, Director, Public Affairs, NCC while providing a clarification on the process for the transfer of ownership said Barclays Africa remains in full control of the process leading to the emergence of a new owner for the company. The final five bidding entities are Airtel, Globacom, Smile Communications, Helios, and Teleology Holdings Limited.

Earlier, no less than 16 firms expressed interest and filed bids with Barclays, 9mobile’s financial advisor. They include MTN, Ntel (former NITEL), Virgin Mobile from the United Kingdom and Vodacom of South Africa. The rest include BUA Group, Morning Side Capital Partners, Obot Etiebet & Co, Blackstone Private Equity, and Hamilton and George International Limited.


Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up for our newsletter

Advertisement
Advertisement

MOST POPULAR