MTN is in talks to acquire Telkom SA, but details of the negotiations are still unknown.

The two companies have issued a cautionary statement that reads: “MTN and Telkom SA have entered into discussions in relation to MTN acquiring the entire issued share capital of Telkom in return for shares or a combination of cash and shares in MTN.

“Discussions are at an early stage and there is no certainty that the transaction will be consummated.”

Telkom is a state-owned company, and the national telecommunications carrier, although MTN’s operations are more extensive.

Both companies shares rose on the news.