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Cape Town - Vodacom Group said on Monday it had entered exclusive talks regarding a potential acquisition of 100% of the shares of Neotel from India's Tata Communications.
Acquiring Neotel would give Vodacom a significant boost.
CEO Shameel Joosub said there are a number of important steps that still need to completed in order to conclude the transaction.
"If the deal is implemented, Vodacom intends to put significant investment into the combined entity to provide high-speed fixed connectivity to many more businesses and consumers."
Neotel has access to over 15 000km of fibre-optic cable, including 8 000km of metro fibre in Johannesburg, Cape Town and Durban.
Joosub said that by building on the capabilities within Neotel, Vodacom would also aim to develop entirely new services such as fibre to the home and business.
Neotel CEO Sunil Joshi said the deal presents an exciting and attractive opportunity.
"This transaction, if concluded, would further enable Neotel to extend its footprint in South Africa and add the mobile capability that our customers require for their business’ growth in a new world of converged communications."
Acquiring Neotel would give Vodacom a significant boost.
CEO Shameel Joosub said there are a number of important steps that still need to completed in order to conclude the transaction.
"If the deal is implemented, Vodacom intends to put significant investment into the combined entity to provide high-speed fixed connectivity to many more businesses and consumers."
Neotel has access to over 15 000km of fibre-optic cable, including 8 000km of metro fibre in Johannesburg, Cape Town and Durban.
Joosub said that by building on the capabilities within Neotel, Vodacom would also aim to develop entirely new services such as fibre to the home and business.
Neotel CEO Sunil Joshi said the deal presents an exciting and attractive opportunity.
"This transaction, if concluded, would further enable Neotel to extend its footprint in South Africa and add the mobile capability that our customers require for their business’ growth in a new world of converged communications."
- Fin24
