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Vodacom in talks with Neotel to revise acquisition terms

2015-11-23 09:43:00| Telecompaper Headlines

(Telecompaper) Vodacom said it started talks with South African operator Neotel about revising the structure of the proposed takeover of the operator. The operator also asked for a Competition Tribunal hearing on the deal to be postponed. The outcome of these discussions will directly impact the extent of the approval being sought from the Competition Tribunal and the scope of the hearing, the company said. The review was scheduled to start in Pretoria on 23 November, but has since been delayed. No reason was disclosed for the postponement. Vodacom was granted provisional approval by South Africa's antitrust and communications regulators earlier this year to buy Neotel, expanding its spectrum holdings and internet offering. The acquisition was first announced in May 2014 for ZAR 7 billion including debt. Conditions imposed by the regulator included the extension of broadband to rural areas and a pledge not to cut Neotel jobs. The deal has been opposed by competitors including MTN, which said the acquisition would give Vodacom dominance of South Africa's high-speed internet market. 

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