Telkom abandons iWayAfrica sale

Telkom says it ended its discussions with South Korean telecom company, KT Corp over the sale of internet service provider (ISP) iWayAfrica.

The telco said it had been in talks with KT Corp over a deal.

“Telkom was in talks with KT over a possible transaction involving iWayAfrica at the beginning of 2013. These discussions ended months ago with no transaction being concluded,” Telkom said in a statement to BusinessTech.

The operator did not say whether the ISP was still up for sale. Telkom is expected to publish its interim results later this month (18 November).

Established in 2010, iWayAfrica Limited is the result of the amalgamation of the Africa Online and Mweb Africa groups, which were acquired by Telkom South Africa Limited in February 2007 and April 2009, respectively.

Telkom acquired MWEB Africa from Naspers for R624 million, and Africa Online for R150 million.

In June last year, the South Korean firm was blocked by the South African government for a 20% stake in Telkom.

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Telkom abandons iWayAfrica sale