The Board of telecommunication giant, 9mobile, has agreed on the extension of the timeline for closure of the acquisition process.
A statement emanating from 9mobile office, and signed by Boye Olusanya, Chief Executive Officer of 9mobile stating that the timeline extension was considered necessary to enable parties involved in the sale process to finalise the requisite transaction documentation to facilitate a smooth closure and transition to the new investor.
The statement said the Board of 9mobile is pleased with the progress made thus far and expects the acquisition process to be completed as soon as possible. Further updates in this regard will be provided in due course, the statement said.
The statement went on to thank its customers for their support and reiterated its continued commitment to providing best-in-class telecommunication service.
Recall that the process for the acquisition of 9mobile commenced in October 2017. It is being supervised by Barclays Africa, the transaction adviser appointed by the CBN, the Nigerian Communications Commission (NCC) and the consortium of 13 banks. The aim is to get new investors to inject fresh capital into the telecom firm.
The bid for the sale of 9mobile equities followed disagreement between Emerging Markets Telecommunication Services Limited (EMTS), formerly trading as Etisalat Nigeria, and the banks to restructure the repayment of a seven-year mid-term facility secured by the telco to service an existing loan and expand its network in 2013.
