Telkom submits higher bid for Cell C acquisition

Cell C, which is a major player in the telecommunications industry and owned by Dubai based company, Oger Telecomms, is currently holding talks with the management of Telkom on the basis of an acquisition of the former’s company by the latter.

Although the specifics surrounding the talks and agreement are yet to be leaked to the public, it is believed that Telkom is in a closed door meeting with the ownership of Cell C on the note of an acquisition. The COO of Telkom, while speaking at the just concluded My Broadband Conference, has given credence to what were otherwise rumors when he said that the CEO of Telkom would be interested in the acquisition of Cell C for a right price.

Given that the owners of Cell C had already placed a R22 billion price tag on the business, earlier reports by Bloomberg had suggested that Telkom was not ready to part with such amount but it seems that even Telkom has upped its bid in most recent news.

This new offer is being submitted by Telkom so as to eliminate the stalling process that the acquisition is in, ensuring that the deal happens as fast as possible and business can continue.

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