MTN deal with Cell C knocks shares in South Africa's Telkom [Reuters]
MTN GROUP LTD S/ADR (MTNOY)
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Source: Reuters
MTN deal with Cell C knocks shares in South Africa's Telkom JOHANNESBURG (Reuters) - South Africa’s MTN Group ( MTNJ.J ) has signed an expanded roaming and services agreement with the country’s third-biggest carrier Cell C, MTN said on Monday, pushing shares in rival Telkom ( TKGJ.J ) down more than 5%. The deal puts a dampener on Telkom’s proposed takeover of Cell C, which is owned by Blue Label Telecoms ( BLUJ.J ) and is struggling under the weight of hefty debts, which it announced on Friday. It will see an existing agreement between MTN and Cell C, which gives the struggling carrier access to MTN’s network in some areas of the country, expanded nationwide. “This is aligned to MTN’s strategy to further develop the group’s wholesale business and will allow both MTN and Cell C to harness greater efficiencies... while supporting a more sustainable and competitive industry,” MTN said. The deal spares Cell C from having to spend hefty sums to otherwise ensure national coverage. Te
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