South africa: Tata to buy larger Neotel stake
Thématique :
sud afrique
India's Tata Communications said on Tuesday it has agreed to buy a further 30 percent stake in South Africa's No. 2 fixed-line operator Neotel from two South African state-run firms.
Financial terms were not disclosed, but Tata Communications said the deal would leave it and another Tata group firm, Tata Africa, holding 56 percent of the telecoms operator.
"The agreement is subject to the fulfilment of certain conditions precedent, some of which have a period of up to 180 days to be fulfilled," the company said in a statement, without elaborating.
Tata Communications is part of India's Tata group. Neotel, which is also managed by the Tatas, was launched in August 2006 and is a competitor to Africa's largest telephone group, Telkom.
Financial terms were not disclosed, but Tata Communications said the deal would leave it and another Tata group firm, Tata Africa, holding 56 percent of the telecoms operator.
"The agreement is subject to the fulfilment of certain conditions precedent, some of which have a period of up to 180 days to be fulfilled," the company said in a statement, without elaborating.
Tata Communications is part of India's Tata group. Neotel, which is also managed by the Tatas, was launched in August 2006 and is a competitor to Africa's largest telephone group, Telkom.
