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Barclay’s Africa hands over 9Mobile to Teleology Holdings

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Indications emerged yesterday that Barclay’s Africa has handed over the remains of 9mobile to Teleology Holdings.
  
The Guardian gathered that a letter had been communicated to that effect to the management of Teleology.
  
Teleology is a firm championed by the pioneer Chief Executive Officer of MTN, Adrian Wood.

  
A source at Barclays Africa, who confirmed this, said Teleology Holdings Limited is now the preferred bidder in the sale of 9mobile and that an official letter had been sent to the firm.
 
The letter, according to the source, directed Teleology Holdings to make a non-refundable cash deposit of $50 million within 21 days from the date of the letter or forfeit its position as the preferred bidder.
 
The source said the letter served as the official document for the conclusion of the sale of 9mobile.
 
Prior to yesterday, Teleology had been reported as the preferred bidder, but such reports were based on speculations, as Teleology had not earlier received any official document from both Barclays and 9mobile.
 
The official letter, signed by Barclays and sent to Teleology yesterday, finally confirmed the firm as the preferred bidder.
  
The source also said that Barclays had on January 26, 2018, communicated to Teleology Holdings of its emergence as the preferred bidder and gave it 30 days window to finalise all financing agreements, as well as regulatory issues with the NCC.


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