Teleology Holdings Limited may have posted one of the greatest upsets in corporate Nigeria by flooring big communications giants like Globacom, Bharti Airtel and Dangote’s Alheri to win the bid for the distressed 9Mobile, formally Etisalat.
Though official confirmation from the Nigeria Communications Commission (NCC) is being awaited as at the time of filing this report, but insiders confirmed the development to CHECKPOINTCHARLEY.
It is gathered that Teleology emerged as the new owner of 9mobile ahead of Smile, which had been the only other bidder in the final round of the takeover bid.
Teleology, a private equity firm with an investment portfolio of $11bn, had offered more than $500 million to acquire the mobile network while Smile offered about $300 million
Other firms that fought for the fourth largest telecoms operator with 20 million subscribers base are, Helios Towers, Centricus Capital, Africell, Abraaj Capital, Ericsson, Africa Capital Alliance (ACA) and The Carlyle Group.
Teleology is a particular purpose vehicle led by a former Chief Executive of MTN Nigeria, Mr. Adian Wood. It is a joint venture between Mr. Wood and Ericcson. But it is understood that some prominent Nigerians are behind the veil.
The company is now expected to make payment within the given period to take full possession of 9mobile.