Teleology preferred bidder for Nigeria's 9mobile - sources [Reuters]
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Source: Reuters
Teleology preferred bidder for Nigeria's 9mobile - sources | Reuters 3 Min Read LAGOS, Feb 28 (Reuters) - Teleology Holdings Limited has emerged as preferred bidder for Nigeria’s fourth largest telecoms firm 9mobile and has been asked to pay a deposit of $50 million in March, two sources with knowledge of the deal told Reuters. Nigerian regulators had set a Jan. 16 deadline to receive binding offers to acquire the debt-laden company. It had said five prospective bidders were in the running. The sources said only two bidders submitted financial proposals, from which the preferred bidder, Teleology, was selected. They said Teleology had been told to pay a $50 million deposit in March. Barclays Africa, appointed by Nigerian banks to try to find new investors for 9mobile, recommended Teleology should be preferred bidder, the sources said, adding that Smile Telecoms was named reserve bidder. A deal could take months to complete as it would involve restructuring 9mobile’s debt, the sources
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