Last month, we reported that Teleology Holdings Limited and Smile Communications Limited were the only two telcos that had placed substantial bids to acquire 9mobile; each bidding $500 million and $300 million respectively.
In fresh reports, Thisday confirms that Barclay’s Africa — the financial services company in charge of the sale of 9mobile — has sent an official letter to Teleology Holdings Limited, confirming it has the preferred bidder in the sale of the struggling telco.
In the letter, reportedly sent on Wednesday, February 21, Teleology Holdings was directed to make a non-refundable cash deposit of $50 million within 21 days or lose the bid to Smile Communications Limited.
Going by the official statement released last month by the Nigerian Communications Commission (NCC) amidst speculations that Globacom had won the bid, Teleology Holdings will have to apply in order to commence the processes for securing the regulatory approvals from the Boards of the NCC necessary to give full effect to the transfer.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.