July 26, 2018 / 11:21 AM / in 20 days

Nigeria's 9mobile extends its takeover timeline

LAGOS, July 26 (Reuters) - Nigeria’s 9mobile has extended the timeline to complete its takeover by new investors to finalise documentation, the country’s fourth largest telecoms firms aid on Thursday.

It said its board expects the takeover to be completed “as soon as possible” and that the extension was necessary for a smooth transition.

In February, Teleology Holdings Limited was picked as preferred bidder for 9mobile, formerly called Etisalat Nigeria, following a bid process arranged by Barclays Africa, in the wake of a debt default that caused its lenders to step in. (Reporting by Chijioke Ohuocha; editing by Jason Neely)

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