Indications of have emerged that about 16 Firms are scrambling to acquire 9mobile, Nigeria’s 4th largest network operator.
Reports have it that the sixteen firms have submitted Expressions of Interest (EoIs) to Barclays to bid for 9mobile
It’s understood that companies that have expressed interest in 9mobile are Africa’s biggest telecoms operator, MTN; India’s Bharti Airtel, operating as Airtel in Nigeria; & NTEL, who in 2015 acquired the assets of the defunct NITEL & MTel through the federal government’s privatization program.
Also in the race are Bua Group, the privately held conglomerate promoted by Alhaji Abdulsamad Rabiu ; Morning Side Capital Partners, promoted by the former Managing Director of Diamond Bank Plc, Mr. Alex Otti
The news outlet quoted industry sources as saying that the sixteen firms had complied with the deadline for the submission of EoIs at Barclays ’ office in Ikoyi, Lagos, & are preparing to access the data room to conduct their due diligence on 9mobile, preparatory for the bid submission stage.
In July, Etisalat Group had announced on the Abu Dhabi Stock Exchange that it had pulled out of 9mobile, previously known as Etisalat Nigeria.
Telco had defaulted on a loan repayment scheme of $1.2 billion due a consortium of thirteen local banks, citing economic downturn & the resulting naira devaluation as the reason for their inability to repay.
