BusinessDay can authoritatively confirm that Teleology Holdings Limited have made a $301 million payment for the acquisition of the fourth largest telecommunications network in Nigeria.
Our sources tell us that Teleology Holdings is now waiting for regulatory approval from the Nigeria Communication Commission (NCC) to complete the take-over bid.
One of the bank managing directors being owed confirmed to BusinessDay that “we have seen the money.”
BusinessDay exclusively reported two months ago that Teleology’s Nigerian shareholders Omar Farouk Edewor and Mohammed Edewor who are also the directors of the company had being in talks with financial advisers to source equity in-order to pay up the balance of its $301 million financial bid to take over ownership of 9mobile.
BusinessDay findings reveal that the holding company registered as Teleology Nigeria Limited under the corporate affairs commission (CAC) with the address of 155, Broad Street Marina Lagos, and share capital of N100 million, in December 2017 mainly for the acquisition of 9mobile.
Informed sources say that “although Adrian Wood is the promoter of Teleology and part of the management, he is not actively involved in raising equity but the listed company directors as well as some other partners are still sourcing funds to close the deal.”
“It is also possible that the Omar Farouk Edewor and Mohammed Edewor are nominee shareholders and the company might decide to do a transfer of shares after the ongoing transaction is closed but right now, all hands are on deck to make sure that the needed money is raised,” Our source said.
Olusola Teniola, President, Association of Telecommunications Companies of Nigeria (ATCON) told BusinessDay that teleology holdings limited which operates as a private equity has hired UBS to help it raise a $300 million bridge loan from local banks and investors.
“The high risk involved in business operations in Nigeria is making it difficult for Teleology to raise the money but they are actively working to make sure that they pay up the balance and close the deal. They still have on till the end of June to pay up so and they should be applauded for all efforts made because raising $251 million is not easy at all, especially in Nigeria,” Teniola said.
Teleology is said to have submitted a financial bid of $301 million dollars which saw it emerge as the preferred bidder in 9mobile’s sale process, living smile which bided a lower sum of $150 million cash as the reserved bidder.
The SPV succeeded in raising the $50 million non-refundable deposit before the March 22, 2018 deadline set for it to pay up and show commitment of interest to take over 9mobile.
