Barclay’s Africa — the financial services company in charge of the sale of 9mobile — has sent an official letter to the management of Teleology Holdings Limited, confirming it has the preferred bidder in the sale of the struggling telco.
In the letter, it is understood that Teleology Holdings was directed to make a non-refundable cash deposit of $50 million within 21 days from the date of the letter, dated February 21, 2018, or lose the bid to the reserve bidder, Smile Holdings Limited.
A source disclosed that the letter served as the official document for the conclusion of the sale of 9mobile, formerly known as Etisalat Nigeria, Nigerian Guardian reports.
Prior to yesterday, Teleology had been reported as the preferred bidder, but such reports were based on speculations, as Teleology had not earlier received any official document from both Barclays and 9mobile.
The official letter, signed by Barclays and sent to Teleology yesterday, finally confirmed the firm as the preferred bidder.
The sale was also confirmed by the Chief Executive Officer (CEO) of 9mobile, Boye Olusanya.
According to Olusanya, Teleology Holdings emerged the best bidder in the sale process, while Smile Telecoms Holdings is considered as reserved bidder if Teleology reneges on its bid for the multimillion-dollar company.
In a communication with members of staff, Olusanya said its lenders, presumably Barclays Africa, will now engage Teleology to finalise negotiations on the sale of the company.
“In line with my previous communications on the bid process, discussions and negotiations have put the board in a position to name Teleology Holdings as the preferred bidder for our company,” Olusanya said via a memo seen by TheCable.
“The lenders will now engage Teleology Holdings to conclude other aspects of the negotiation and I will continue to provide updates as and when the milestone occur.”