VSNL Snospv, a wholly owned subsidiary of Tata Communications has reportedly entered into exclusive discussions with the British major Vodafone’s South African subsidiary Vodacom to sell its entire stake in Neotel. The sale will also include the company’s direct and indirect loan claims in Neotel.
Vodacom and the company have agreed to exclusively discuss and negotiate the key terms of the potential transaction in a share purchase agreement.
Tata Communications is the majority shareholder in Neotel, with around 68.5% stake, while the rest of the stake is held by Nexus Connexion and Communitel. Neotel is a South Africa based network operator providing offers value-added services, internet services for businesses and operators.
