MTN Group, Africa’s largest telecommunications provider, is in talks to acquire Telkom, a South African telco.
On Friday, the companies said they were in discussions over a deal for MTN to buy all of Telkom either with shares or a combination of cash and stock.
“Discussions are at an early stage and there is no certainty that the transaction will be consummated,” MTN and Telkom said in separate statements issued via the Johannesburg Stock Exchange.
The news set Telkom’s share price alight, pushing it over 30 percent higher, while MTN was up nearly 5 percent.
MTN is South Africa’s second-biggest telecommunications provider while Telkom is the third-largest.
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