Following the expiration of the January 16 deadline for the submission of financial offers for the acquisition of 9mobile, media reports have indicated that only two firms have made a financial offer for the company.
The Cable said the two firms are Teleology Holdings Limited and Smile Telecoms Holdings. While Smile is offering about 300 million US dollars, it is no match for Teleology’s over $500m offer for the company.
Although Airtel Nigeria, Globacom and Helios Investments Partners LLP were linked to the deal, they reportedly did not make any offer. Bharti Airtel reportedly withdrew from the race because it found that “many things are not obvious in the whole process.” The source added that “Airtel believes that too much is hidden on 9mobile’s health, and that it is too risky for anyone to buy the company.”
In addition to issues regarding the actual financial health of 9mobile, the firm’s sale has been complicated by the court verdict obtained by Spectrum Wireless Communications Ltd as previously reported by TechCity.
The Federal High Court disavowed the 9mobile interim board of directors, at the heart of the entire telecom company’s sales transaction. A disavowal that involves a consequential cancellation of all decisions made in the sale of 9mobile.
