The story
In 2001, an amendment to the Telecommunications Act was made that allowed for the creation of a competitor to South Africa's largest telecommunications operator, Telkom. The initial shareholders of the Second National Operator (SNO) were identified as Eskom and Transnet. In early 2002, bidding started for the remaining stakes in the SNO. The Shareholder's agreement was signed on 15 August 2005. Following the signing, the licence terms and conditions were finalized in March 2006, and the company officially launched in August 2006.
In May 2014 a buyout offer of ZAR 7 Billion from cellular network Vodacom was accepted by shareholders of both companies. Even though regulatory approval by the Independent Communications Authority of South Africa was obtained in 2015, the deal ultimately collapsed in March 2016, after competitors successfully challenged the transfer of Neotel's licenses and spectrum in court.
In June 2016, Tata Communications announced that it had sold its stake in Neotel to Liquid Telecom, which is majority owned by Econet Wireless Global, for US$428 million.
From Wikipedia’s article on Neotel, shared under CC BY-SA 4.0.3