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MTN Group, led by Zimbabwean executive Ralph Mupita, is exploring a potential takeover of Telkom SA. The Johannesburg-based telecom giant has reopened talks after stepping away from a deal two years ago, a move that could change the South African telecom landscape.
Telkom considers options amid MTN interest
Telkom is working with advisers to weigh its options if MTN makes a fresh bid, according to people familiar with the matter. Talks could progress before the end of the year, though there is no guarantee a deal will materialize. Both companies declined to comment.
MTN initially walked away from negotiations in 2022 over disagreements about exclusivity and concerns about antitrust approval for a merger that would have made it South Africa’s largest mobile operator. Since then, Telkom’s stock has climbed more than 40 percent, valuing the company at roughly R25 billion ($1.4 billion).
MTN eyes Telkom acquisition path
Confidence in regulatory approval appears to have improved after Vodacom Group successfully invested in Remgro’s fiber unit, a deal that required lengthy discussions with competition authorities. MTN now believes there is a clearer path to gaining support for a Telkom acquisition, with operators saying consolidation is essential to avoid duplicating infrastructure.
MTN recently appointed its chief financial officer, Tsholofelo Molefe — a former Telkom executive — to lead its mergers and acquisitions strategy. A deal with Telkom would help MTN narrow the gap with Vodacom, South Africa’s market leader controlled by Vodafone Group Plc.
MTN tops $6 billion half-year revenue
Under Zimbabwean executive Ralph Mupita, MTN serves 298 million subscribers across 16 countries and has grown rapidly in West Africa. First-half 2025 revenue rose 23 percent to $6 billion, fueled by a 37.5 percent jump in Nigeria and a doubling of revenue in Ghana.
In July, MTN partnered with UK-based Synamedia to launch a streaming service tailored for African audiences. If the Telkom acquisition goes through, it would represent one of the largest moves in South Africa’s telecom sector, strengthening MTN’s presence at home and increasing competition with Vodacom.
