Telkom said to mull phone tower network sale in South Africa

Telkom SA SOC Ltd., a South African phone company seeking to cut costs on a struggling mobile service, is considering a sale of a network of telephone towers in the country, according to people with knowledge of the matter. The shares rose to the highest in more than seven years.

A potential sale may fetch $500 million to $1 billion, with bids due as early as next week, said one of the people, who asked not to be identified as the information is private.

Read more: Telkom Said to Mull Phone-Tower Network Sale in South Africa – Bloomberg Business.