South African mobile operator MTN Group Ltd is in buyout talks with smaller rival Telkom for a stock or a cash-and-stock deal, the two companies said on Friday, sending their shares higher.
"Discussions are at an early stage and there is no certainty that the transaction will be consummated," they said in a statement on the Johannesburg Stock Exchange.
The deal between MTN and Telkom, if successful, would bolster MTN in its competition against Vodacom GroupSouth Africa completed a radio frequency spectrum auction in March that was needed to roll out 5G.Reporting by Eva Mathews and Bhargav Acharya in Bengaluru Editing by Alexander Winning
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