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Telkom, KT deal officially canned

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The proposed deal between Korea Telecom (KT) and Telkom is officially off.On Friday Telkom withdrew is cautionary announcement, signalling the final end to the negotiations that began in October 2011.

The two organisations had reached agreement, whereby KT would invest in 20% of Telkom, and the deal was presented to cabinet in May.

The investment was earmarked to improve Telkom services and infrastructure.

Cabinet decided not to support the proposed transaction. At the time, Telkom announced it would seek clarity on the decision, and has now shelved the deal for good.