Nigeria’s Teleology named as winning bidder in UTL privatisation

16 Oct 2018

The government of Uganda has decided to sell a majority interest in Uganda Telecom Ltd (UTL) to Nigeria-based private equity firm Teleology Holdings. The privatisation of UTL attracted seven bidders and Teleology emerged ahead of its rivals with an offer of USD71 million for a 67% stake. According to a report from The Monitor, it must pay a 10% deposit within one month and the remainder of the balance within a further two months.

The decision caused some disagreement within government, with State Investment minister Evelyn Anite reportedly backing Mauritius Telecom, which had entered a lower bid of USD45 million but which Ms Anite said had a better track record in the African telecoms sector. In February this year Teleology won the bidding for Nigerian cellco 9mobile, which was known as Etisalat Nigeria until July 2017.

Uganda, Teleology Holdings, Uganda Telecom Limited (UTL)