Boye Olusanya, CEO of 9mobile, today said that the deadline to close the ongoing sale of the fourth largest mobile phone in Nigeria has been extended.
Olusanya did not give the new timeline for a close of the sale process underway for the acquisition of 9mobile, according to a statement today made available to Technology Times.
Teleology Holdings Limited, promoted by Adrian Wood, a former MTN Nigeria CEO (seen in picture above) and some of his former colleagues, emerged preferred bidder for the acquisition of 9mobile and Smile Telecoms Holding, the reserve bidder under a government-supervised process managed by Barclays Africa.
“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”, Olusanya says.
According to him, the 9mobile Board “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.”