Telkom’s talks to buy Cell C fall through

Cell C's head office in Johannesburg. (Gareth van Zyl)
Cell C's head office in Johannesburg. (Gareth van Zyl)

Cape Town - Fixed-line operator Telkom [JSE:TKG] has abandoned negotiations with Dubai-based Oger Telecoms over a potential purchase of Cell C.

Telkom made the announcement on Thursday by informing shareholders that it is withdrawing its cautionary announcement.

Earlier this month, Telkom confirmed to shareholders that it was in discussions to acquire all of the shares of Cell C. Oger Telecoms owns a 75% stake in Cell C.

“Through Telkom’s engagement with Oger Telecoms in relation to Cell C, it has become clear that there is a difference between the parties on the assessment of value of the proposed transaction,” said Telkom in a statement.

“As no agreement has been reached, Telkom and Oger Telecoms today agreed to end all discussions,” said Telkom.

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