April 11, 2018 / 12:25 PM / 7 months ago

Teleology to pay $450 mln to close Nigeria's 9mobile takeover

ABUJA, April 11 (Reuters) - Teleology Holdings has paid a $50 million deposit to buy 9mobile, Nigeria’s fourth largest telecoms provider, and has 90 days to pay $450 million to complete the acquisition, telecoms regulator said.

Teleology was picked as preferred bidder for debt-laden 9mobile, the Nigerian Communications Commission said, following a bid process arranged by Barclays Africa.

9mobile, formerly called Etisalat Nigeria, was taken over by its lenders last year for failing to keep up with its debt repayments. (Reporting by Camillus Eboh; writing by Chijioke Ohuocha; editing by Jason Neely)

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