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Virgin, Vodacom and BUA Group eye former Etisalat Nigeria unit

Virgin Mobile and Vodacom, as well as BUA Group, are among companies interested in acquiring 9mobile, formerly Etisalat Nigeria, according to ThisDay.

UAE’s Etisalat terminated its management agreement with its Nigerian unit in June and gave up its 45 percent stake to a trustee. This was after Etisalat Nigeria was unable to come up with a deal with its lenders to restructure its $1.2 billion debt after it missed payments.

Last week 9mobile said it is open to new investors as it officially announced the company’s new name.

BUA Group, a local diversified business with a stake in a wide range of sectors, Virgin and Vodacom now want to submit their memoranda of interest and technical presentations to a consortium of banks, which has appointed advisers to evaluate bids.

Read more: Virgin, Vodacom eye former Etisalat Nigeria unit – Mobile World Live

 

Source: http://www.africanbusinesscentral.com

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