Tata Communications up, Vodacom says close to Neotel acquisition

Written by Reuters | Updated: Feb 6 2014, 22:05pm hrs
Tata CommunicationsAcquiring Neotel would be a major boost to Vodacom's ambitions to grow its data business in Africa's largest economy. (AP)
Tata Communications shares gain 7 per cent after South Africa's Vodacom Group said it was close to finalising negotiations with the company for the purchase of its Neotel unit.

Vodacom's Chief Executive Shameel Joosub said talks were at an "advanced stage" and an agreement could be reached with Tata Communications in the coming weeks. Acquiring Neotel would be a major boost to Vodacom's ambitions to grow its data business in Africa's largest economy.