9mobile extends acquisition timeline

9mobile

Nigeria’s third-largest mobile carrier, 9mobile said it has extended the finalisation of its acquisition deal.

It would be recalled that 9mobile had announced through Barclays Africa, its transaction advisor that Teleology Holdings had won the acquisition bid.

In a statement by 9mobile’s CEO, Boye Olusanya said:

“The Board of 9mobile today announced the extension of the timeline for closure of the acquisition process.

The timeline extension was considered necessary to enable parties involved in the sale process to finalise the requisite transaction documentation to facilitate a smooth closure and transition to the new investor.

The Board of 9mobile is pleased with the progress made thus far and expects the acquisition process to be completed as soon as possible. Further updates in this regard will be provided in due course.

We hereby thank our invaluable customers for their support and reiterate our continuing commitment to providing best-in-class telecommunication service.”

Teleology could not be reached to make a statement on the matter.

However, it would be recalled that the company was given 90 days to pay the remaining $400 million before it takes ownership of 9mobile. With this extension, it means Teleology has more time to raise funds for the acquisition.

Analysts who spoke to PageOne.ng said the extension cannot be divorced from the lingering court cases surrounding the acquisition and disagreements by the 9mobile former shareholders to get their stake recognized in the acquisition process.

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