The Nigerian Communications Commission (NCC) has approved the takeover of 9mobile, the country’s fourth largest wireless operator by subscribers, by Teleology Holdings. Reuters cites a statement from the investment consortium as saying that it has appointed a new board of directors to run the indebted cellco, after receiving final clearance for the deal by the NCC.
In February Gibraltar-registered Teleology, which is led by former MTN Nigeria executive Adrian Wood, emerged as the preferred bidder for 9mobile (known as Etisalat Nigeria until July 2017), outbidding pan-African LTE operator Smile Telecoms. The bid process was arranged by Barclays Africa, after a debt default forced 9mobile’s lenders to step in. Teleology reportedly raised the USD251 million bid balance by the payment deadline, following which the NCC launched a review of the buyer’s financial and technical capacity.