KT close to buying iWayAfrica from Telkom - report

News Broadband Africa 30 APR 2013
KT close to buying iWayAfrica from Telkom - report
South Korean operator KT is close to signing a deal to buy African ISP iWayAfrica from South Africa's Telkom, a person familiar with the transaction told the Wall Street Journal. "The iWayAfrica deal is almost done and is likely to be made public soon," the person told the paper. A KT spokesman said iWayAfrica "is one of our considerations, but nothing has been decided". KT has been looking to expand abroad and earlier tried to acquire a large stake in Telkom, but came up against government opposition. iWayAfrica is wholly owned by Telkom and provides satellite internet service in eight countries across Africa. The company was formed in 2010 from the merger of Africa Online and MWeb Africa.

Categories:

Internet

Companies:

Africa Online,  KT,  MWeb,  Telkom

Regions:

Africa

Tags:

Internet Access, Satellite, M&A buyouts & divestments

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