SA telecoms operator, MTN Group Ltd, said on Friday it is in buyout talks with smaller rival Telkom SA for a stock or cash-and-stock deal.
"Discussions are at an early stage and there is no certainty that the transaction will be consummated," the companies said in a statement on the Johannesburg Stock Exchange.
Telkom's shares jumped nearly 30% following the announcement, while MTN was up nearly 5%.
MTN Group in buyout talks with rival Telkom SA
Image: Freddy Mavunda
SA telecoms operator, MTN Group Ltd, said on Friday it is in buyout talks with smaller rival Telkom SA for a stock or cash-and-stock deal.
"Discussions are at an early stage and there is no certainty that the transaction will be consummated," the companies said in a statement on the Johannesburg Stock Exchange.
Telkom's shares jumped nearly 30% following the announcement, while MTN was up nearly 5%.
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