9mobile takeover looms as advisers evaluate bids —Report

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Barclays Africa is examining takeover bids from five prospective buyers for debt-laden 9mobile, two banking sources have said.

They, however, said that a deal might take a few months as it would involve restructuring the company’s debt after a default last year.

Barclays Africa, appointed by local banks to try to find new investors for 9mobile, will make a recommendation to the telecom company later, according to a Reuters report.

“This is not a simple bid. Where there’s a restructuring … investors would state conditions and negotiate what haircut (losses) if any, in respect to trade and financial creditors,” one of the sources told Reuters.

“Time to complete the deal will depend on how quickly advisers analyse the bids and make recommendations to 9mobile.”

Previously known as Etisalat Nigeria, 9mobile took out a $1.2bn syndicated loan from a group of 13 local banks in…



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