July 26, 2018 / 1:32 PM / a year ago

Nigerian regulator assessing Teleology takeover of 9mobile-sources

LAGOS, July 26 (Reuters) - The Nigerian Communications Commission (NCC) is conducting regulatory due diligence before signing off Teleology’s takeover of the country’s fourth biggest telecoms operator 9mobile, two sources told Reuters on Thursday.

The sources said 9mobile’s takeover by investment firm Teleology Holdings Limited is expected be completed in one week, adding that a $301 million financing for the transaction is in escrow with Afrexim bank.

“The NCC is doing its own regulatory due diligence before making a formal announcement on transfer of license,” one of the sources involved in the deal told Reuters. (Reporting by Chijioke Ohuocha and Camillus Eboh in Abuja Editing by Alexandra Hudson)

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