Deals
Exit Bharti, Enter Reliance in MTN Tango
Two days after merger talks with Bharti Airtel collapse, South African telco MTN Group begins negotiations with Bharti rival Reliance Communications
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A year ago, Anil Ambani, chairman of India's Reliance ADA Group, was vacationing in South Africa. While in the country, he was invited for dinner by Phutuma Freedom Nhleko, president of MTN Group, South Africa's leading telecom player. (The two had earlier met at an international forum, say Reliance insiders.)
That dinner didn't lead to any immediate relationship between the companies. However, it may have planted the seed for the surprise announcement on May 26 that Ambani's Reliance Communications had begun "exclusive negotiations" with MTN for a "potential combination of their businesses."