Teleology can take over 9mobile in 90 days if…. – NCC

Teleology Holdings has paid a $50 million deposit to buy 9mobile, Nigeria’s fourth largest telecoms provider, and has 90 days to pay $450 million to complete the acquisition, telecoms regulator said.

Teleology was picked as preferred bidder for debt-laden 9mobile, the Nigerian Communications Commission said, following a bid process arranged by Barclays Africa.

9mobile, formerly called Etisalat Nigeria, was taken over by its lenders last year for failing to keep up with its debt repayments.

Source: Reuters