Teleology Holdings wednesday beat the deadline stipulated under the bid process for the acquisition of 9mobile by paying a $50 million non-refundable deposit for Nigeria's fourth largest network operator.
Teleology, which emerged the preferred bidder for the 9mobile transaction on February 21, was given till today to pay the non-refundable deposit, failing which Barclays Africa, the transaction adviser, would have invited the reserve bidder, Smile Telecoms Holdings, to takeover 9mobile.
Having successfully paid the $50 million, Teleology is expected to pay the balance of its $500 million bid for 9mobile in the next 90 days, in order to take full possession of the telecoms firm.
Teleology was said to have paid the $50 million from Keystone Bank, with United Capital Trustees Ltd and United Bank for Africa (UBA) Plc as beneficiaries.
Teleology, which floored telecommunications giants like Globacom, Bharti Airtel and Dangote's Alheri to win the bid for 9Mobile, also on Tuesday moved a step closer to taking over the troubled telecoms company, when it signed a memorandum of understanding with the Central Bank of Nigeria (CBN) and 9mobile to take full possession of the firm.
