Business

Airtel, MTN, 14 other companies jostle for ownership of 9mobile

Published

7 years ago

October 24, 2017

There are reports that sixteen firms, including telecommunications giants, MTN and Airtel, are jostling to acquire 9mobile, Nigeria’s fourth largest telecommunications outfit, launching competitive bids.

Recall that in July, Etisalat Group had disclosed on the Abu Dhabi Stock Exchange that it had pulled out of 9mobile, formerly known as Etisalat Nigeria.

The telco had defaulted on a loan repayment of about $1.2 billion owed a consortium of thirteen local banks, citing economic downturn and the resulting naira devaluation as reasons for repayment challenges.

It was gathered that companies that had so far tendered expressions of interest (EoIs) to Barclays include five telcos- MTN, Airtel, Ntel, Virgin Mobile from the United Kingdom, and Vodacom of South Africa.

Others are BUA Group, Morning Side Capital Partners, Obot Etiebet & Co, Blackstone Private Equity, and Hamilton and George International Limited.

It was said that the sixteen companies had all met the deadline for the submission of EoIs at Barclays’ office in Ikoyi, Lagos.

Preparations were said to be underway for the companies’ use of the “data room” where due diligence will be conducted on 9mobile before the bid-submission stage.

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