Teleology deposits $50m for 9mobile acquisition

Teleology deposits $50m for 9mobile acquisition

By Tunde Osho

Teleology Holdings has deposited $50 million for the acquisition of 9mobile, Nigeria’s fourth telecommunications network.

This payment, which was made on Wednesday, beats the March 22 deadline stipulated by Barclays, the transaction adviser, as a sign of their financial capability and readiness to revive 9mobile.

The company is expected to pay a balance of $500 million in the next 90 days to take full possession of 9mobile.

Teleology beat Smile Telecommunications, Globacom, Airtel and Dangote’s Alheri to win the bidding process.

“9mobile is transiting into a new phase that will be defined by optimal value delivery: value to our employees, value to our customers, value to local communities and indeed to all stakeholders,” said Adrian Wood, Teleology’s Director and pioneer Managing Director of MTN Nigeria.

Wood said the new company will be “engineering led and brand driven”.

“In delivering service, we will strive to ensure that 9Mobile operations deliver fulfilment to our customers, empowerment to local communities, protection to the vulnerable and excellent rewards not only to our shareholders but to all stakeholders.”

He said the company has developed a 10-point plan to aggregate its mission and how it intends to turn the 9mobile organization around.

According to Wood, the company will increase direct employment in 9mobile by 50 percent. It also said it will introduce 4G-capable smartphones at “exceedingly affordable pricing.”