Teleology Holdings Finally Pays $50m First Deposit For 9mobile's Acquisition

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Okay for those who don’t know, the quest for the acquisition of 9mobile, formerly known as Etisalat, has been on a very hot drag lately, and this competition has been between these 5 big names and players in the telecommunications industry; Teleology, Smile, Globacom, Airtel, and Dangote’s Alheri. Then fast forward to February 21nd, Teleology Holdings was officially declared as the preferred bidder for 9mobile Nigeria, of which they were asked to make a non refundable deposit with the sum of $50m (Fifty Million Dollars), on or before March 22nd, or loss the offer to the second most preferred bidder, Smiles Telecommunications.

So yesterday, being that March 22nd, Teleology Holdings officially made the payment, to beat the deadline, and as well seal the deal, thereby beating its competing opponent to the game. But that’s not all, they are also required to make another payment with the sum of $500m (Five Hundred Million Dollars), in the next 90 days, in order to take full possession of 9mobile. So let’s just keep our fingers crossed, and wait till this day.

But before that time, and for those who don’t know, Teleology Holdings Limited is a private equity firm run by the pioneer Chief Executive Officer (CEO) of MTN Nigeria, Mr Adrian Wood.

According to industry sources, the company was purposely set up by Wood and some influential Nigerian investors to revive the embattled telecom.

Teleology is also stated to currently manage over $11 billion in portfolio investments.