Nigeria: Preferred bidder pays US$50m for 9mobile

The preferred bidder for 9mobile, Teleology, has confirmed the payment of a non-refundable deposit of US$50 million to the Trustee for the bank syndicate presently holding ownership of 9Mobile ahead of the 22 March deadline set by the financial advisers.

Teleology is led by MTN Nigeria’s pioneer Managing Director, Adrian Wood.

In a statement, Teleology said its executives have been meeting the Nigerian bank syndicate, regulators and advisors that culminated in the signing of the Share Purchase Agreement (SPA) and other contractual documents pertaining to the acquisition.

“This payment underscores Teleology’s financial capability and readiness to revive the organisation,” Teleology stated.

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