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MTN in Talks to Buy $1.3 Billion-Valued Carrier Telkom

  • Telkom’s shares jump as much as 31%; MTN advances 3.8%
  • The South African companies set to face regulatory scrutiny
Updated on

MTN Group Ltd. is in talks to buy smaller domestic rival Telkom SA SOC Ltd. in a deal that would make the combined company the biggest South African mobile-phone operator by number of subscribers. 

MTN proposed to pay for the partially state-owned Telkom in shares or a combination of cash and stock, according to a statement on Friday. Discussions are at an early stage and there is no certainty the transaction will be completed, the carriers said.