South Korea’s KT Corporation is in discussions with Telkom over the purchase of internet service provider (ISP) iWayAfrica, as it looks to expand its presence abroad, with Africa a main target.
Speaking to Fox News on Monday, sources revealed both parties are close to an agreement over the acquisition, though it is not yet clear how much KT Corp will pay for the ISP.
The Wall Street Journal, citing a person familiar with the deal, carried a similar report.
“Africa deal is almost done and is likely to be made public soon,” sources told Fox News.
Formed in 2010 after the merger of Africa Online, Afsat Communications and MWEB Africa, iWayAfrica has become the leading corporate data provider in Africa. It provides its services to internet users in more than 40 countries.
The company specialises in both terrestrial and satellite access services, in addition to a hybrid of other access solutions.
KT Corp said last year its target was $3,5 billion foreign income by 2015, as its national margins decrease, though the company has not completed any overseas deals thus far.
