KT Completes Telkom South Africa Due Diligence for Stake
A study that lasted more than two months ended March 23, Seongnam, South Korea-based KT said in an e-mailed response to queries. KT is reviewing a plan to offer Telkom a so-called “managed service,” an outsourcing arrangement under which KT would manage some of the Pretoria-based carrier’s services, according to the e-mail.
KT said in October it plans to acquire about 20 percent of Telkom by buying new shares for 36.06 rand apiece, in a deal valued at about 3.8 billion rand ($500 million). KT is looking for investment opportunities, with a focus on emerging markets such as central America and Africa, after agreeing to sell its 80 percent stake in Russian carrier New Telephone Co., the company said in May.
Negotiations to buy a stake in Telkom are “going well,” KT Chairman Lee Suk Chae said on March 7.
To contact the editor responsible for this story: Shinhye Kang at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.