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Latest: Teleology Finally Acquires 9mobile For Over $500 Million Deal

Adrian Wood, the former Chief Executive of MTN Nigeria in 2002 , has been selected as the preferred bidder of 9mobile – formerly known as Etisalat.
Teleology offered more than $500 million to acquire the 9mobile network while Smile Communications – the advanced 4G network service provider, offered about $300 million.
To take full possession of the Telecom company, 9mobile, the two companies: Smile and Teleology are given 30 days period to prove that they have the financial resources to take over the troubled Telco and official announcement about the acquisition of 9mobile will be made by NCC, latest, next Monday.

Though, 16 bidders were interested to acquire 9mobile, only five were shortlisted and was later reduced to three. Globacom , Helios and Airtel later pulled out leaving just Smile Communications and Teleology.

Although Spectrum Wireless Communication has obtained a court injunction stopping the sale of 9mobile , requesting for refund of the $35 million it invested on Etisalat – now 9mobile, but source said it has been appealed.

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