Teleology Beats Deadline, Deposits $50m For 9mobile
Teleology Holdings has deposited a non-refundable deposit of $50 million for the acquisition of 9mobile, Nigeria’s fourth largest telecom firm.
The management of Teleology Holdings in a statement on Thursday expressed its desire to acquire 9mobil before the March 22 deadline set by the financial advisers.
The company 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 beat Smile Telecommunications, Globacom, Airtel and to win the bidding process.
Thisday reports that Teleology, which emerged the preferred bidder for the 9mobile transaction on February 21, was given till Thursday (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.
“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.
He added that the new organisation to emerge would be “engineering led and brand driven.” In delivering service, “we will strive to ensure that 9Mobile operations deliver fulfillment to our customers, empowerment to local communities, protection to the vulnerable, and excellent rewards not only to our shareholders but to all stakeholders.”
Mr. Wood said Teleology has developed a 10-point plan that aggregates its mission and how it intends to turn the 9mobile organization around.
He said it plans to double the 9mobile network with new 3G/4G specific cell sites as well as several thousands of kilometers of fibre optic cable across the country.
“Any 3-point plan or 3-dimension idea is naïve and completely missing the scope and complexity of the urgent Nigerian need to be brought into the 21st-century broadband era,” Mr. Wood said.
According to Wood, the company will increase direct employment in 9mobile by 50 percent, adding that there is also an active plan to introduce within the first year, several million 4G-capable premium quality smartphones, at exceedingly affordable pricing.
“Nigerians should look forward to a new regime of intensely exciting and innovative brand loyalty rewards programs, from the new 9Mobile,” he added