9Mobile officially sold to Teleology for a $500m Deal

The bidding of 9mobile which started last year with 16 firms has finally come to an end seeing Teleology came out as the preferred bidder for the telecom transaction on February 21st after beaten the deadline defined in the process and paying a non-refundable $50 million deposit.

Although 9Mobile officially sold to Teleology for a $500m deal, Teleology Holding is still expected to complete the balance of its $500 million bid for 9mobile in the next 3 months to enable it to take complete possession of 9mobile.

Mr Adrian Wood, former CEO of MTN NG who captained the Teleology bid for 9mobile said it has taken over 9mobile’s loan. In his words:

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“We have 12 executives coming in and they comprise five of my former colleagues at MTN such as the ex-CTO and ex-CFO. Others include executives from Orange, Vodafone, Celtel and others.”

“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.”

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