Ever since Etisalat NG re-branded to 9Mobile, her debt reduced a bit. But it's more trouble for the fourth largest network operator in Nigeria, as there's a huge competition going on within bidders (including Airtel and Globacom) to acquire the brand.
In the early stages of this year, Etisalat Nigeria debt crisis grew worse, after it defaulted on a $1.2 billion loan from a consortium of 13 Nigerian banks. The banks then stepped forward to take over the management of the telco, but NCC and CBN intervened promptly.
However, Etisalat Group, the parent company in Abu Dhabi backed out, leaving its Nigeria arm of the business to fate, and giving them just 3 weeks to change the brand name. Then 9Mobile NG was adopted as the new name.
The scramble to acquire 9Mobile—with 18 million subscribers—has since then increased. Now, 10 bidders left out of 16 who initially submitted an expression of interest have cruised to the next stage.
These 10 firms have passed the technical evaluation bid stage and have been pre-qualified to submit their financial bids for the acquisition, where the highest bidder will acquire the telco network.
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List of The 10 bidders Set to Acquire 9mobile
- Abraaj Capital
- Africa Capital Alliance
- Alheri Engineering
- Carlyle Group
- Centricus Capital and Africell
- Helios Towers
- Smile Telecoms Holdings
- Teleology Holdings
Each of the above firms is required to submit a $150m bond in order to proceed.
Which of them would you like to acquire 9mobile? Kindly share and drop a comment below.
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