Virgin + Telkom = ?
I wouldn't write them off just yet.
I agree.
To me the obvious choice would be for Telkom and Virgin Mobile to run the Cell C Operation jointly.
That is if Telkom would like Virgin on-board or the other way round. There is obvious other benefits within the Virgin Group which perhaps Telkom is eyeing. Telkom has to Diversify.
Of course the sale won't happen if Telkom owns 50% of Vodacom as The Competitions Board imo will not allow it.
Shareholders in Telkom could be in for handsome dividends if Telkom did sell that 50% of Vodacom and acquire Cell C at a discount. I think the timing is ripe for this and that 50% sale would place Telkom in the pound seats.
Looking forward the sale might bring short term gains, but there is nothing wrong with taking some money off the table. Who knows what the future holds. Even the Cell Phone Market can take a dive if newer and better technology makes it so.
Telkom has the infrastructure and money to make Cell C work and it would certainly bring a welcome change to the Cell Phone Market which is basically a two way race between MTN and Vodacom, with the latter distinctly in the lead.
I would also chance the name. Cell C's name is it's nemesis. Change it all to Virgin Mobile, or some name combining Telkom and Virgin.
I was trying to think of a name that would give these two companies a distinct ring.

Pun intended.
Imagine. Telkom and
Virgin.
Telephones, Cell Phones, Internet, Broadband, Musica, Airlines, Trains etc.
If I was the CEO of Telkom I would be making acquisitions now and not necessarily in other parts of the world. There is still wallops of money to made here. A guy like Richard Branson could take a Company like Telkom and make it into an empire.
Telkom should seriously consider diversifying. The fixed line market is stale.