The sale of Nigerian wireless operator 9mobile to preferred bidder Teleology Holdings has yet to receive regulatory approval, reports BusinessDay. Teleology, a consortium led by former chief executive of MTN Nigeria Adrian Wood, has reportedly raised the USD251 million bid balance by the payment deadline but is awaiting regulatory approval from the Nigerian Communications Commission (NCC) to complete the takeover. The NCC is said to be carrying out due diligence on Teleology to ascertain the company’s technical capabilities and financial strength to acquire the cellco.
In February Teleology emerged as the preferred bidder for 9mobile, which was known as Etisalat Nigeria until July 2017. The consortium outbid the only other participant – pan-African LTE operator Smile Telecoms – and was expected to pay the balance of its bid within 90 days, in order to take full possession of the indebted cellco.