Only 2 companies make financial bids for 9Mobile

Out of the five companies that reached the final stage of the bidding process for 9Mobile, only two have actually made financial offers by the January 16 deadline, National Daily has gathered.

While Airtel did not submit a final bid despite being on the shortlist of five, Globacom and Helios Investment Partners LLP who submitted bids did not make any financial offer for the troubled telco.

National Daily gathered that only Teleology Holdings Limited and Smile Telecoms Holdings actually made financial offers. Teleology Holdings limited was said to have submitted a bid in excess of $500 million while Smile Telecoms Holdings quoted close to $300 million.

Many had taunted Globacom or possibly Airtel as eventual winners but latest facts revealed that both may not be that interested. National Daily learnt that Airtel decided to pull out because “many things are not too plain with the entire process”.

According to a source, many things are hidden about the health of 9mobile, and that it is too risky for anyone to buy the company.

In July 2017, 9mobile, then known as Etisalat Nigeria, was taken over by banks following a N541 billion debt overhang.

Mubadala Group, the major investor from the United Arab Emirates, pulled out of Nigeria’s fourth largest mobile operator as a result of the debt owed to a consortium of 13 banks.
The telco was then put on sale, with Barclays Africa acting as transaction advisers.

The shortlisted companies are: Teleology Holdings Limited, promoted by Adrian Wood, the pioneer CEO of MTN Nigeria; Smile Telecoms Holdings, a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa; and Helios Investment Partners LLP, an investment company.

Others are Bharti Airtel, an Indian telco that owns Airtel Nigeria, and Globacom, the Nigerian company owned by Mike Adenuga Jnr.