Teleology Holdings, chosen on February 2018 to acquire 9mobile, was initially given until July 25th to pay 251 million dollars and finalize the acquisition operation after it as already paid a non-reimbursable deposit of 50 million dollars last March. However, the deadline was extended because the company hadn’t received yet the legal approval of Nigeria’s Communications Commission (NCC) and other authorities.
Teleology CEO Boye Olusanya welcomed the extension of the deadline and judged it necessary to allow parties involved in the acquisition process to finalize the required documents in order to facilitate the closing of the deal and insure the transition to the new investor.
“9mobile’s board of directors is satisfied with the progress accomplished so far and is looking forward to seeing the acquisition process completed within the best deadline. Additional updates will be provided at the right time,” said Boye Olusanya.