The Board of Directors of mobile network 9mobile have announced in a statement, an extension of the timeline for closure of the acquisition process of the company.
In the statement signed by the Chief Executive of 9mobile Boye Olusanya, 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.”
Investment firm Teleology Holdings Ltd, is set to takeover Nigeria’s fourth largest Telco after emerging winners of a fiercely contested bidding exercise.
The transition on the other hand has not been the smoothest with controversies ranging from opposition posed by other bidders to the alleged refusal of banks to lend Teleology the rest of the capital it needs to finalise the acquisition bid.
The statement released by 9mobile however aims to reassure, reading, “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.
“We hereby thank our invaluable customers for their support and reiterate our continuing commitment to providing best-in-class telecommunication service.”
Teleology has partnered with East Africa’s largest telecoms operator Safaricom, to transform 9mobile.