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Tatas to acquire majority stake in Neotel

This article was posted on Jun 24, 2008 and is filed under Press Releases

Tata Communications has entered into an agreement with Eskom and Transnet (two South African state-owned enterprises) to acquire their 30% interest in Neotel, the second telecommunications 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. 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.

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