MTN dispels suggestions of a fresh takeover bid for Telkom

MTN dispels suggestions of a fresh takeover bid for Telkom

MTN Group has moved to quell speculation that it could be mounting another takeover bid for Telkom SA, following the confirmation of a buyout offer from the operator’s former CEO.

While MTN Group expressed its interest in acquiring Telkom with a bid in July 2022, it abandoned talks in October that year. However, the recent takeover offer – by a consortium led by former CEO Sipho Maseko - has evidently reignited speculation around a takeover, prompting a rebuttal from MTN Group’s chief sustainability and corporate affairs officer Nompilo Morafo.

“Telkom is a business with good assets” said Morafo. “MTN remains of the view that the offer made in July 2022 would have been good for shareholders of both companies and broader stakeholders. There is no offer or official discussions at the moment.”

ITWeb Africa reports that the consortium - comprised of Afrifund, the Public Investment Corporation, and Mauritius-based Axian Group - is interested in a 35% stake in Telkom.

Other parties have previously expressed interest in acquiring a stake in Telkom, including Toto Investments and data provider Rain, which – despite being headquartered down in South Africa – presumably did not receive the blessing of the former.

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