Tata Comm agrees for Liquid Telecom to acquire Neotel
The Dollar Business Bureau Tata Communications Ltd. on Tuesday announced it has signed a new agreement to sell its South African telecom arm Neotel (Pty) Ltd. to another African company. Earlier another proposed deal of the Indian company with a subsidiary of Britain’s Vodafone Group came unstuck. Neotel will be acquired by Liquid Telecom, a subsidiary of the privately held Econet Wireless Global, in a deal worth $428 million (ZAR6.55 billion or Rs.2,900 crore). Tata Communications, which owns around 67% of the firm, will get around $285 million (Rs.1,938 crore), the Indian company said in a statement. This is Tata Communications Ltd.’s second stake sale deal in as many months. Earlier in May, the company had agreed to sell a majority stake in the data ...
