The financial adviser of Barclays Africa has submitted an official letter to Teleology Holdings Limited, confirming it as the preferred bidder in the sale of 9mobile.
Teleology Holdings will now have to make a non-refundable cash deposit of $50 million within 21 days from the date of the letter, dated February 21, 2018, or lose the bid. According to news reports, Smile Holdings Limited has been selected as the reserve bidder should the preferred bidder fail to make payment.
Recall that 9Mobile took over Etisalat after investors pulled out their shares in 2017.
The regulatory agency however, has not been informed on the details of the bid. NCC had on February 1, 2018, clarified that it was yet to receive any information from Barclays Africa and 9mobile regarding the sale of 9mobile, and dismissed as speculations and reports making the rounds then, that Teleology had emerged as the preferred bidder. The official letter has now finally laid to rest speculations regarding the sale.
Barclays had earlier communicated to Teleology Holdings of its emergence as the preferred bidder and gave it a 30-day window to finalise all financing agreements, as well as regulatory issues with the NCC.
It was also given access to 9mobile’s records and financial books as well as the opportunity to seek further clarifications concerning 9mobile from the management of 9mobile, within the 30-day window, which started counting from January 26, when the first letter on the third phase of the bidding process was made available to Teleology Holdings. The company can now lay claim to 9Mobile if it is able to meet the demand as stated in the official letter.
