Telkom South Africa confirmed an approach by a consortium led by former CEO Sipho Maseko to buy a majority stake in the operator, with so-called exploratory discussions underway over a number of factors including the price and funding sources.
The operator has been the subject of merger and buyout proposals from rivals over the last year. It disclosed information about the latest offer in a stock market statement today (12 June) following local media speculation claiming a bid had been rejected.
It added the “unsolicited non-binding indicative letter” had been received and was being assessed by the company’s board, which had requested “further clarity” on some elements including the price.
The company warned there was no certainty the discussions would result in a deal. It did not disclose the financial terms initially proposed.
Alongside Maseko’s company Afrifund Investments Proprietary, the consortium comprises international player Axian Telecom and the Government Employees Pension Fund.
Maseko departed as CEO of the operator group at the end of 2021.