Teleology Holdings is buying 9mobile, formerly Etisalat Nigeria.
Led by former MTN CEO, Adrian Wood, Teleology won the bid earlier in the year, by offering more than $500 million while one of the other top bidders, Smile offered $300 million.
Teleology has also transferred a non-refundable deposit of $50 million towards the acquisition. Nigeria Communications Week reports: "Analysts project that if either Globacom or Airtel had taken over the company formerly known as Etisalat, they would have overtaken MTN as the biggest operator in Nigeria by a number of subscribers."
According to a report by The Nerve Africa, "a lot of Nigerians are hopeful that 9mobile would benefit from Adrian’s experience and unusual love for Nigeria. Currently, Teleology chairman has been proclaimed to be one of the few expatriates that came to Nigeria and passionately loves the country."
Wood has remarked that the new organisation to emerge would be “engineering led and brand-driven.”, according to reports in Punch. “We will strive to ensure that 9mobile’s operations deliver fulfilment to our customers, empowerment to local communities, protection to the vulnerable, and excellent rewards not only to our shareholders, but to all stakeholders,” he said. Wood added that Teleology had set out a 10-point plan that aggregated its mission and how it intended to turn 9mobile around. It plans to double the network capacity with new 3G/4G specific cell sites as well as a several thousands of kilometres of fibre optic cable across the country, the company stated. He also disclosed that Teleology has entered into an alliance with Safaricom, the largest network operator in East Africa.