KT seeking to buy 20 pct stake in S. African telecom firm

SEOUL, Oct. 14 (Yonhap) -- South Korea's telecom titan KT Corp. said Friday that it has signed a preliminary agreement to acquire a 20-percent stake in Telkom SA Ltd., a South African telecom company.
If finalized, Telkom will issue new common shares and KT will pay 36.06 South African rand per common share, it said in a release. The deal will be worth US$600 million and is part of a broader strategic partnership between the two telecom companies, KT said.
KT is South Korea's dominant fixed-line operator and the second-biggest mobile carrier.