Telkom withdraws Cell C acquisition talks

20 November 2015 |

South Africa’s Telkom has terminated talks to purchase Cell C, two weeks after it confirmed that it was in acquisition discussions with the company.

Telkom was said to have offered as much as €952 million (R14 billion) for the mobile operator. It first announced that it was in acquisition talks with an unnamed company in September.

“Through Telkom’s engagement with Oger Telecoms in relation to Cell C, it has become clear that there is a difference between the parties on the assessment of value of the proposed transaction. As no agreement has been reached, Telkom and Oger Telecoms agreed to end all discussions,” said Telkom.

Telkom has also withdrawn its earlier cautionary announcement to shareholders

In September 2015, Cell C reported a subscriber base of 22 million customers, with its CEO Jose Dos Santos adding that the company was “very profitable”.