TNM, Vodacom deal breaks down
Talks between phone and data establishment Telekom Networks Malawi Limited (TNM) with South Africa-based mobile operator Vodacom have collapsed.
TNM wanted to sell its substantial stake to the South Africa phone giant but sources said the two failed to agree on the price.
The Malawi operator said talks were abandoned after “unacceptable indicative offer terms” from the interested party.
TNM announced on September 16 that a potential strategic partner had contacted it with a view to investing in the group.
The Daily Times reported on September 19 that Vodacom Group Ltd, the largest provider of mobile-phone services to South Africans, started talks with TNM about buying a stake in the company.
But Bloomberg has reported that Vodacom spokesman Richard Boorman declined to comment on the development.
TNM Chairman Mathews Chikaonda has been desperate to hunt for a strategic partner as he tries to kick-up TNM into the regional market.
This is the second time talks with a potential strategic partner have eluded TNM.
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