Teleology has beat the deadline to pay a $50m non-refundable deposit for 9mobile (formerly Etisalat Nigeria), reports ThisDay. The company is required to pay the balance of its $500 million bid for 9mobile in the next 90 days, after which it shall take full possession of the mobile operator.
Teleology Holdings beat nine other contenders to win the bid for 9mobile. You can read the details of Etisalat Nigeria’s travails leading to its rebranding to 9mobile here: Re-branding exercise imminent as Etisalat pulls out of Nigeria.
Former MTN Nigeria CEO, Adrian Wood, will be running the hip at 9mobile after the acquisition is completed. According to the report, 9mobile will “have 12 executives coming in and they comprise five of my former colleagues at MTN such as the ex-CTO and ex-CFO. Others include executives from Orange, Vodafone, Celtel and others.”
Teleology is also reported to be in partnership with Safaricom to leverage M-pesa for mobile money services. Will there be another rebrnding exercise after the acquisition is completed or will teleology continue to run the Nigerian mobile operator as 9mobile? There is still a three-month window to the completion of the acquisition exercise, so we will all have to wait till then to find out.
9mobile offers voice and data over 2G, 3G, and 4G networks across Nigeria and is the country’s fourth largest mobile operator.
You can check out the ThisDay news report for the full details of how Teleology Holdings met this $50million deposit deadline and its plans for 9mobile HERE.