MTN, which has operations in 21 countries across the Middle East and Africa – and is the second-biggest mobile operator in South Africa, its home market – is reportedly on the prowl for acquisitions to deepen its international presence.

According to Bloomberg sources, Millicom International Cellular – which has operations throughout Africa – is one potential target.

But striking deals further afield, in Asia, could also be on the cards. India’s Reliance Communications and Malaysia’s Maxis are on MTN’s radar, too, according to “people familiar with the situation”.

They also say that Phuthuma Nhleko (pictured), MTN’s chairman, is leading the push for “transformational deals”.

The report highlights that MTN’s ambitions for international expansion could be thwarted by South Africa’s government if any takeover deal diluted local stakes or stock-market listings shifted abroad.

MTN’s attempted merger with India’s Bharti Airtel failed five years ago amid government opposition.