Tatas to acquire majority stake in Neotel

Kolkata, Jun 24 (UNI) Tata Communications has entered an agreement with Eskom and Transnet (two South African state-owned enterprises) to acquire their 30 per cent stake in Neotel, the second telecommunication network operator in South Africa.

This agreement is subject to the fulfillment of certain conditions precedent, some of which have a period of up to 180 days to be fulfilled, said a communique.

The other shareholders of Neotel are Nexus, Communitel and Two Telecom Consortium.

Upon the implementation of the agreement, Tata Communications together with Tata Africa would hold an effective 56% stake in Neotel.

UNI PC ADG DB1953