9mobile board approves extension of acquisition timeline

The board of 9mobile has agreed on the extension of the timeline for concluding the acquisition process.

In a statement released on Thursday and signed by Boye Olusanya, the chief executive officer of the telecommunications company, the extension is to allow the parties involved finalise the required documentation and ensure a smooth transition to the new investor.

It said the transaction will be completed “as soon as possible”.

“The board of 9mobile is pleased with the progress made thus far,” Olusanya said.

“Further updates in this regard will be provided in due course.”

The process for the acquisition began in October 2017 after the company defaulted on its loan repayment to a consortium of 13 banks.

The acquisition, which saw other telecommunications companies like Airtel, Globacom, MTN and Smile, was supervised by Barclays Africa, who was appointed by the CBN, the Nigerian Communications Commission (NCC) and the consortium of 13 banks.

Teleology, a company led by Adrian Wood, former MTN Nigeria boss, was picked as the preferred bidder.

The prospective buyer was given 90-days to pay the balance of $450 million to complete the acquisition following payment of a non-refundable deposit of $50 million in March.