Today is the deadline for 9mobile’s preferred bidder to pay $50 million


If Teleology Holdings Limited really wants to own 9mobile, then it has to cough out the non-refundable US$50 million deposit before the end of work today or it will lose the bid to Smile Telecom.

On February 21, 2018, was reportedly selected as the preferred bidder for 9mobile after it outbid Smile Telecoms and it was subsequently given 21 days which expires today to pay a non-refundable deposit of US $ 50 million. If it is able to do this, it will mark the completion of the acquisition of 9mobile.

Smile Telecoms Holding Limited, the 9Mobile reserve bidder, says it can reposition the mobile operator in the national telecoms market within 90 days if it is allowed to take over the company.

Ahmad Farroukh, executive director of Smile Telecoms’ operations, said Smile Telecoms is the best way to effectively support 9Mobile in a highly-focused Nigerian market. He said the company is competitive in terms of its technical expertise and financial strength.

According to media reports, Smile Telecoms is currently opposed to the sale of 9Mobile to Teleology Holding Ltd. The company reportedly noted that the procedure of sale was poorly performed, and has already asked Barclays Bank, 9Mobile’s advisor throughout the sale process, a review of the entire operation that led to the final choice Teleology Holdings Ltd as preferred bidder.

Smile Telecom is seeking practical evidence verified by a third party, that Teleology Holdings did meet all the prerequisites for its selection as preferred bidder.

The post Today is the deadline for 9mobile’s preferred bidder to pay $50 million appeared first on TechCity.


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