By Sabela Ojea

MTN Group Ltd. said Friday that it is in discussions to buy Telkom SA SOC Ltd. via a stake in the company or a combination of cash and shares.

The South Africa-based telecommunications group said that talks with Telkom, which is also based in South Africa, were at an early stage and there was no certainty that the merger will end up taking place.

"The transaction, if concluded, may have a material effect on the price of the company's securities. Accordingly, shareholders are advised to exercise caution when dealing in the company's securities until a further announcement is made," MTN said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

July 15, 2022 04:03 ET (08:03 GMT)

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