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9mobile’s Acquisition: Parties Agree To Extension Of Timeline



The board of 9mobile yesterday announced the extension of the timeline for closure of the acquisition process. Teleology Holdings is the preferred bidder for the acquisition of 9mobile, Nigeria’s fourth largest mobile network.
Teleology Holdings had in March 2018 paid the initial non-refundable deposit of $50 million after emerging as preferred bidder for the telecom network.
A statement signed by Boye Olusanya, chief executive officer, 9mobile said, “The timeline extension was considered necessary to enable parties involved in the sale process to finalise the requisite transaction documentation to facilitate a smooth closure and transition to the new investor.
“The board of 9mobile is pleased with the progress made thus far and expects the acquisition process to be completed as soon as possible. Further updates in this regard will be provided in due course.
“We hereby thank our invaluable customers for their support and reiterate our continuing commitment to providing best-in-class telecommunication service,” Olusanya said in the statement.