South African telecoms operator Telkom TKGJ.J and mobile-service provider Rain have ended discussions related to the newly issued shares in Telkom.

In September, Telkom received a non-binding offer from Rain seeking its purchase by Telkom in exchange for new Telkom shares.

"After initial discussions, but prior to any due diligence, the parties have decided that a suitable transaction is not possible at this time," Telkom said in a statement.

The canceled deal ends hopes of the JSE-listed carrier’s purchase of the wireless broadband newcomer.

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