Deals
Tata Communications Said Near Sale of Neotel in South Africa
- Econet Wireless said poised to buy Tata’s 68.5% stake in ISP
- Price would value Neotel at $389 million to $454 million
A worker lays cabling for a high speed telecommunications line for Neotel Ltd., a fixed-line operator part-owned by Tata Communications Ltd., in the center of Johannesburg.
Photographer: Nadine Hutton/BloombergThis article is for subscribers only.
Tata Communications Ltd. of India is close to an agreement to sell a majority stake in South African Internet-service provider Neotel Pty Ltd. to closely held telecommunications company Econet Wireless Global, according to people familiar with the matter.
Econet is discussing buying Tata’s 68.5 percent stake at a price valuing Neotel between 6 billion rand and 7 billion rand ($389 million to $454 million), said one of the people, who asked not to be named because the negotiations are private. A deal may be announced as soon as Tuesday, the people said.