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MTN, Africa’s largest mobile operator is in talks with Telkom to take over the company. Both companies issued shareholder notices that informed about the current taking-over discussions.
MTN, Africa’s largest mobile operator is in talks with Telkom to take over the company. Both companies issued shareholder notices that informed about the current taking-over discussions. Telkom, South Africa’s third-largest mobile operator, to acquire the entire share capital of the company in return for shares or a combination of cash and shares in MTN.
Discussions are at an early stage and there is no certainty that the transaction will be consummated, this was revealed in a joint statement. Telkom’s share price skyrocketed 28% following the announcement, while MTN climbed nearly 3%.
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The government of South Africa holds at least 40% of Telkom, and the Public Investment Corporation (PIC) around 13%. Telkom announced earlier that Mteto Nyati, MTN’s former CEO and the former group CEO of Altron, joined its board as an independent non-executive director.
