After months of biding and speculation, Teleology Holdings Limited has been officially confirmed as the preferred bidder for 9mobile by Barclays Africa who is acting as the transaction adviser.

According to the report, Barclays Africa sent an official letter declaring Teleology Holdings Limited as the preferred bidder. Teleology has also been told 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.

For those who are not in the know, Teleology Holdings Limited is a private equity firm championed by the pioneer Chief Executive Officer of MTN, Adrian Wood, the company has an investment portfolio of $11bn and offered more than $500 million to acquire 9mobile as opposed to Smile’s $300 million.

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