Speculation around Telkom’s possibleacquisition of Cell C was confirmed on Friday when  it said it has made an offer to acquire SA’s third largest mobile operator. Telkom has substantially concluded its due diligence, but discussions are still at a preliminary stage, the company said in statement.

The potential acquisition will be subject to Cell C completing a financial restructuring to ensure its gearing levels are reduced to a sustainable level, as specified by Telkom, and commercial contractual relationships are renegotiated to terms acceptable to Telkom, it said. 

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