Fidelity bank banner UBA banner
NCC gives Teleology 90 days to complete 9mobile takeover

By News Express on 11/04/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 605


 

Nigeria’s Teleology Holdings has 90 days to pay $450 million to complete its acquisition of telecoms provider 9mobile or face a rival bid, the country’s telecoms regulator said on Wednesday.

The Nigerian Communications Commission (NCC) said 9mobile would be transferred to Teleology after the payment of $450 million, but added that reserve bidder Smile Communications could be considered if Teleology failed to complete the payment in time.

9mobile, formerly Etisalat Nigeria, is Nigeria’s fourth largest telecoms provider. It took out a $1.2 billion syndicated loan from 13 local banks in 2013 but failed to make repayments last year. Under the stewardship of its lenders, it has changed its board, management and name and is now up for sale.

Investment holding company Teleology said last month it had made a $50 million deposit to meet conditions for the acquisition and had partnered with East Africa’s largest telecoms operator Safaricom to transform debt-laden 9mobile.

Teleology, which was set up by 12 telecoms industry veterans led by ex-MTN Nigeria executive Adrian Wood, was picked as the preferred bidder for debt-laden 9mobile, following a bid process arranged by Barclays Africa. Mauritius-registered Smile Communications, which operates mobile networks in Nigeria, Tanzania and Uganda, was named reserve bidder. (Reuters)

 

Source News Express

Posted 11/04/2018 7:11:38 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
S-A-C-K-E-D: Fate of “Oga at the top” hangs...

Court rules on Nyako’s impeachment May 22

DSS bows to pressure, produces Jonathan’s ex-Chief Security...

Bank of America bans bitcoin investments

Nigeria friendly with Burkina Faso cancelled

Business booms as Buhari’s daughter weds in Daura...

APC Ward executives induced to suspend Senator Shehu...

Stakeholders call for Okorocha’s impeachment over Imo Airline...

Today’s weather outlook, as forecast by the Nigerian...

Saraki can only avoid impeachment if he resigns...

Expect more bombings, militants tell FG; We’re ready...

NSE transactions maintain bullish trend

 

Latest News BREAKING: NLC insists on strike as meeting with FG ends in deadlock Osun Guber Rerun: Omisore disappoints APC, PDP •Refuses to tell supporters whom to vote for Nigeria: Land of perennial flooding Satellites, peace-keeping and peace-making Pastor, wife die in Imo flood Osun rerun polls: PDP, APC in crunch battle for 3,498 votes Leah Sharibu’s mother, others sue IGP, AGF, 2 others •Demand N500m and Leah’s release Saraki to PDP delegates: Save Nigeria from collapse with your votes Rumble in Kogi over N4.3bn alleged looted fund Married man kills pregnant mistress after she refused to get abortion Police invite whistleblower over alleged N2.5bn fraud by Aisha Buhari’s detained ADC PDP Convention will unite and prepare it for victory in 2019 — Okowa

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (397,738 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (377,427 views) Shameless Genevieve Nnaji exposes breasts in public (309,274 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (251,134 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,902 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,903 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,586 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (182,127 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (166,309 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,650 views) Lagos plane crash: Journalist releases victims’ names (158,562 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (147,176 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,631) Business Verdict (52) Columnists (935) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (548) Features (653) Global Business Monitor (301) International (2,438) Interview (165) Live Commentary (28) Love Matters (145) News (39,165) Opinion (1,111) Pidgin (11) Politics (6,764) Religion (873) Sports (1,708) Stock Watch (34) AMA & Al Jazeera Global Update

 

NLNG Expression of Interest banner

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Anthony Joshua vs Alexander Povetkin: Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement