Africa’s largest mobile operator MTN has made another bid to buy telecommunications company Telkom.
The companies have confirmed that talks are being held about a potential takeover. However, the talks are still in their early stages.
MTN is seeking to acquire the entire share capital of Telkom in return for shares or a combination of cash and shares in the mobile operator.
Telkom is already majority-privatised. Government only has a 39% stake in Telkom and the state-owned entity the Public Investment Corporation (PIC) has around a 13% share.
It’s believed for any deal to go-ahead, there would have to be buy in from government and the competition watchdog would need to give approval.