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South Africa: Vodacon wants to rework $500 million Neotel deal

By  |  November 23, 2015

South Africa’s Vodacom wants to rework a $500 million deal to buy local fixed-line operator Neotel, it said on Monday, after a competition watchdog proposed conditions that could undermine the value of the transaction for Vodacom.

Vodacom, a unit of Britain’s Vodafone, also asked the Competition Tribunal to delay hearings into the deal while it works out a new structure with Neotel’s owner, India’s Tata Communications.

“The outcome of these discussions will directly impact the extent of the (regulatory) approval being sought,” Vodacom said in a statement, without giving details on how it was seeking to restructure the deal.

Vodacom has until Dec.7 to inform the Tribunal whether the transaction will be cancelled or continue in an amended form, the Tribunal said in statement.

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