South Africa: Telkom moves closer to Business Connexion takeover

Top South Africa wireless operator Telkom has reportedly moved a step closer to completing its $250 million takeover of technology firm Business Connexion.

Reports say BCX shareholders overwhelmingly voted to approve of the acquisition, which will now face the nation’s Competition Commission and telecommunications regulator Icasa.

According to reports, this marks the second attempt by Telkom to takeover BCX; competition officials blocked the first attempt on grounds that a merger would reduce competition.

But Telkom is ready to try again, and announced last May of its plans to wholly acquire BCX.

Telkom said it hopes to finalize the deal by the end of the year, though added that the deal may face another challenge by the Competition Commission.

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