MWEB Sale Announcement!

A few months ago, the CEO of MWEB, Rudi Jansen announced that a strategic decision has been made by Nasper's to "auction off MWEB" to a company that can provide MWEB with access to a network.

After months of rumours and speculation, it was announced today in a letter to the staff by Rudi Jansen announced that the sale process has been called off.

"Following months of work and endless late nights working on the sale of MWEB, I am now able to give you a final update on the process. Naspers has decided to end the formal auction process for the sale of MWEB South Africa due to current market conditions. MWEB South Africa will therefore remain within the Naspers group.

An agreement has also been concluded whereby Telkom will purchase the MWEB Africa business. This transaction will take some time to close, mainly due to regulatory approvals that are required. We expect the date of closing to be some time in quarter 1 2009."

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