I left the matter of 9mobile for a while since my last discussion but now I think we have a conclusion to the matter as a winner to the bid has emerged- Teleology Holdings Limited- a foreign company obviously. Barclays Africa which is in charge of the bid has declared Teleology as the winner. Teleology Holdings Limited is a private equity firm championed by the pioneer Chief Executive Officer of MTN, Adrian Wood.
Teleology has also been told to make a non-refundable cash deposit of $50 million within 21 days from the date of the letter or forfeit its position as the preferred bidder.
The company has an investment portfolio of $11bn and offered more than $500 million to acquire 9mobile as opposed to Smile’s $300 million offer.
Well, after they pay before the deadline, they will acquire 9mobile but they still have a hurdle to cross eh?