South African mobile operator MTN in talks to buy domestic rival

Telkom’s shares jumped nearly 30 percent following the announcement, while MTN was up nearly 5 percent.

South African mobile operator MTN Group Ltd is in talks to buy smaller domestic rival Telkom for a stock or a cash-and-stock deal, the two companies have announced, sending their shares higher.

“Discussions are at an early stage and there is no certainty that the transaction will be consummated,” they said in a statement on the Johannesburg Stock Exchange on Friday.

Telkom’s shares…