Teleology to raise $300 million loan for 9mobile acquisition

·
May 14, 2018
·
1 min read

Teleology Holdings — the preferred bidder of 9mobile — has hired a global financial service firm to raise a $300 million bridge loan to seal the acquisition deal.

According to a report by The Guardian, Teleology had sought out the service of USB, to raise bridge loan from local banks and investors. And the balance of $200 million will be raised through equity. This is in contrary to a recent report that Teleology actually offered $301 million to beat Smile Communications' $300 million bid.

The acquisition process was recently put on hold by an order of the Federal High Court, Abuja. Two companies that claimed to be major stakeholders of 9mobile had earlier headed to the court to asked for a refund of $43,330,950, which was the amount they invested in the company.

The fate of the entire acquisition process is no longer on the court case alone, Teleology Holdings has to raise the total $500 million for a successful acquisition.

Advertisement

For the court case, local councils overseeing the case had already granted an informal approval for the continuation of the acquisition process which means that Teleology is left with making sure that the total fund is raised before the 90-day window lapse. The company also has to scale through NCC's technical capability examination.

READ MORE   Jumia to exit South Africa and Tunisia to focus on high-growth markets
Mobile & African Tech Enthusiast │ Data Analyst │ Music
Mobile & African Tech Enthusiast │ Data Analyst │ Music
Subscribe To Techpoint Digest
Join thousands of subscribers to receive our fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
This is A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day! 
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

Mobile & African Tech Enthusiast │ Data Analyst │ Music
Other Stories
43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved
magnifier