Dubai-based Oger Telecom has reportedly rejected a ZAR14 billion (USD1.01 billion) offer from South African fixed line incumbent Telkom to acquire its 75% controlling stake in wireless operator Cell C, Bloomberg reports. According to a person familiar with the matter, Telkom is now conducting due diligence on whether to increase its bid for the South African company, with Oger said to have set a November deadline for the new offer.
As previously reported by TeleGeography’s CommsUpdate, in February 2015 it emerged that Oger was planning to divest its stake in Cell C, though the valuation of the cellco and its current debt were cited as the main issues blocking Oger’s exit from the company. Oger, which is itself owned by Saudi Telecom Company (STC), is seeking in the region of ZAR22 billion for Cell C.
South Africa,Telkom South Africa, Cell C, Oger Telecom, Corporate/Financial, Mergers/Acquisitions
