Telkom said to seek Cell C for less than $1.6B price

Jabu Mabuza, Chairman, Telkom

Telkom SA SOC Ltd. is seeking to buy mobile-phone operator Cell C Pty Ltd. for less than the 22 billion rand ($1.6 billion) value placed on the South African company by its owners, according to a person familiar with the situation.

Telkom, South Africa’s biggest landline company, is prepared to pay no more than 18 billion rand for the business, according to the person, who asked not to be identified as the matter is private. Cell C’s 75 percent shareholder, Dubai-based Oger Telecom Ltd., put the higher price-tag on the company, which includes 14 billion rand of debt, according to a second person familiar with the talks.

Read more: Telkom Said to Seek Cell C for Less Than $1.6 Billion Price – Bloomberg Business