Teleology Holdings Limited, the preferred bidder, has intensified plans to finalise the acquisition of troubled telecommunication company, 9mobile.
Recall, Teleology had on March 21 paid the initial $50 million non-refundable deposit as a demonstration of its commitment to acquire 9mobile and was given a 90-day window to pay the balance.
Teleology emerged the preferred bidder following the evaluation of the technical and financial bids for the telecom company.
According to a competent source close to Barclays Africa, Teleology reportedly communicated its commitment to the payment of the final bid price to the apex bank days ahead of the expiration of the 90-day payment timeline, which lapsed on Saturday.
The source said the preferred bidder had however requested 20 working days’ extension from the Central Bank of Nigeria “to enable it perfect the process for the final payout in consonance with the provision of the acquisition agreement.”
A CBN source told NAN that the firm is in order in triggering the 20-day extension as it is contained in the agreement.
The source added that the regulator had granted the request by Teleology for the extension but with a proviso that it must pay additional non-refundable $50 million to further strengthen its stake in the acquisition bid for 9mobile.
A source in the Nigeria Communications Commission (NCC) confirmed that Teleology is indeed raising a financial war-chest that is beyond the cost needed for the settlement of the acquisition.
The source said: “What Teleology has raised offshore exceeds the initial acquisition cost.
“It is inclusive of the amount needed for an audacious network expansion project for 9mobile.
“I can confirm this will change the telecoms landscape significantly.
“The money coming will include the cost of over 5,000 additional base stations and a bullish acquisition of other fringe players in the telecoms sector to add to the 9mobile brand household.”
This source further added that what Teleology is coming with is also equal to an industry bailout. It transcends just acquiring 9mobile alone.