South Korea’s KT Corp is close to acquiring Mauritius-based ISP iWayAfrica from South Africa’s Telkom, according to the Wall Street Journal citing a person familiar with the matter.
Signing of the deal is reportedly imminent. A KT Corp spokesperson…
South Korea’s KT Corp is close to acquiring Mauritius-based ISP iWayAfrica from South Africa’s Telkom, according to the Wall Street Journal citing a person familiar with the matter.
Signing of the deal is reportedly imminent. A KT Corp spokesperson confirmed that it was interested in iWayAfrica but added that nothing has been decided yet.
This potential deal is the latest attempt by the South Korean company to expand in Africa as it struggles to grow further in its saturated home market.
However, KT has yet to make a substantial acquisition on the continent. In June last year it failed to acquire a 20% stake in Telkom after the South African government blocked the deal.
A couple of weeks ago, the South Korean telco dropped plans to bid for a 53% stake in Vivendi’s Maroc Telecom because of valuations differences.
The company has been more success in Rwanda where it recently agreed to establish a joint venture company with the Rwandan government, in which it will hold a majority stake. The JV is expected to provide 4G LTE wholesale infrastructure for MVNOs in the country.