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9Mobile Bids: And Then There Were Two

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The battle to become the new majority shareholder in Nigerian mobile operator 9Mobile has been narrowed down to just two bidders now that the deadline for financial bids has passed, according to local reports.

Until last Monday, five interested parties were still believed to be in the running, but according to a report by The Cable, only service provider Smile Telecoms -- which already offers communications services in Nigeria, Tanzania and Uganda -- and Teleology Holdings, a business led by a former CEO of MTN Nigeria, Adrian Wood, who is working on the bid with Ericsson, submitted bids by the deadline. (See 9Mobile Ownership Decision Still in Balance.)

Airtel, already the country's third largest mobile operator, apparently withdrew from the process, citing uncertainty about some of the processes, while neither Globacom (the second largest mobile operator) nor Helios Investment Partners did not a derailed financial offer.

According to the report in The Cable, Teleology bid more than US$500 million, while Smile bid about $300 million. The bids are being considered by Barclays Africa, which will make a recommendation to the 9Mobile board. If that recommendation is accepted, the winning bidder then becomes the subject of a number of regulatory checks and clearances.

9Mobile, formerly Etisalat Nigeria, is currently the number four mobile operator in Nigeria with about 17 million customers and a market share of about 12%. (See Etisalat Nigeria to Become 9Mobile.)

— The staff, Connecting Africa

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