Teleology Holdings has agreed to buy 9mobile, Nigeria’s fourth largest telecoms provider, the investment firm said on Thursday.
9mobile, formerly Etisalat Nigeria, took out a $1.2 billion syndicated loan from 13 local banks in 2013 but failed to make repayments last year. Under the stewardship of its lenders, it has changed its board, management and name and is now up for sale.
Teleology said it had made a $50 million deposit to meet conditions for the acquisition and had partnered with Safaricom to transform debt-laden 9mobile.
Teleology was set up by 12 telecoms industry veterans led by ex-MTN Nigeria executive Adrian Wood.