Telkom South Africa has announced that it is close to finalising the terms of a potential strategic venture with South Korea’s KT Corp. The news follows a statement from the telco in October 2011 that it was in talks with KT, with the latter reportedly expressing an interest in acquiring a 20% stake in the South African telco. In December Telkom signed a memorandum of understanding (MoU) with KT which saw them agree to a period of exclusive engagement and information exchange to share areas of mutual strategic and business cooperation.
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OVETEL Telkom and KT close to finalising terms
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