MTN to acquire 100% of i-Talk Cellular

MTN has entered into an agreement to acquire the shares in i-Talk Cellular that it currently does not own and secure 100% ownership of the company. i-Talk Cellular is an exclusive MTN service provider. MTN currently holds 41% of the issued shares in i-Talk Cellular. In terms of the existing shareholders' agreement governing i-Talk cellular, MTN has exercised its pre-emptive rights and signed an agreement with the Bebinchand Seevnarayan Trust to acquire the 59% of i-Talk Cellular that it currently holds. The transaction is subject to competition authority approval. Last week, MTN also announced that it had entered into an agreement with Verizon Business, part of US-based Verizon Communications Inc, to acquire 100% of Internet Service Provider (ISP) Verizon South Africa (Pty) Ltd.