Teleology Holdings Expresses Dissatisfaction, Seeks to Pull Out of 9mobile
Teleology Holdings, a private equity firm which received approval two months ago to take over the operations of 9mobile as the preferred bidder, has expressed its dissatisfaction over the business relationship and has decided to pull out of the 9mobile project.
Teleology acquired 9mobile, known then as Etisalat, in November 2018 — about eight months after it made an initial $500 million non-refundable deposit to acquire the telco, and a cumulative 10 months after the takeover was billed to have been finalised.
Teleology Holdings Ltd will be seeking to exit its shareholding in the local joint venture Teleology Nigeria Limited, which will be required to change its name. The development may further compound the woes of the struggling 9mobile operation.
According to report, the organisation had become increasingly uncomfortable with actions taken outside of the agreed business plan, since the November 12, 2018 formal take-over of 9mobile.
It also notes that Teleology Holdings has been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.
The management services contract would have enabled Teleology Holdings and its team of experts oversees the implementation of the organisation’s elaborate business plans including funding proposals.