Two elements on the marathon race of selling 9Mobile, a Nigerian telecom company which was originally Etisalat Nigeria:
The Board of 9mobile has announced the extension of the timeline for closure of the acquisition process.
In a statement signed by Boye Olusanya, CEO of 9mobile, the company said the timeline extension was considered necessary to enable parties involved in the sale process to finalise the requisite transaction documentation to facilitate a smooth closure and transition to the new investor.
The statement read: “The Board of 9mobile is pleased with the progress made thus far and expects the acquisition process to be completed as soon as possible. Further updates in this regard will be provided in due course.
The Nigerian Communications Commission (NCC) has assured that the process to sell 9mobile to its preferred bidder, Teleology Nigeria Ltd, would be concluded soon.
Executive Vice Chairman/CEO of the Commission, Prof. Garba Danbatta gave the assurance in Abuja …said a meeting would be held next week among all the stakeholders, especially Teleology promoters, the NCC and the Central Bank of Nigeria (CBN) and other parties.
This deal is certainly unprecedented in the way it has played out. The good news is that 9Mobile is “strong’ enough that it has sustained this thus far. Technically, as they keep postponing this closure, the company could dig itself out of any hole organically. I cannot imagine why it should take thing long to close a deal. From the regulator to the parties, they need to get this done. Let it not be on records that selling a telco in Nigeria could be the toughest deal in Africa.