IMO there would be major competition-type issues with MTN buying all or part(s) of Telkodemonopolies after the [almost done-deal] sale of 50% of Vodacom, which would result in a case before the Competition Commission, and being referred to the Competition Tribunal - MTN might still be allowed to buy into Telkodemonopolies but only after the Competition Tribunal has imposed explicit restrictions, somehow I just don't see MTN waiting for all this to happen before it can redirect its business down path A or path B.
More likely that Telkodemonopolies would attempt to buy CellC with some of the cash from the sale of its 50% of Vodacom, and then aggressively expand into the rest of Africa - probably concentrating on countries that MTN doesn't already have a foothold in.