Telkom has said it remains committed to the R2.7billion deal with ICT services company Business Connexion (BCX) and this transaction will proceed pending final approval by the South African Competition Tribunal.

In a media statement both companies are said to be in ongoing discussions with the industry regulator the Independent Communications Authority of South Africa (ICASA).

Telkom and BCG (Business Connexion Group Limited) applied to ICASA in August 2014, for written approval for a change in control of the shareholding of BCG from current shareholders of BCG, to Telkom.

The proposed transaction between BCG's current shareholders and Telkom will result in Telkom acquiring the entire issued share capital of BCG in terms of an Implementation Agreement entered into between the parties on the 21st of May 2014.

"Subsequent to this application, both BCG and Telkom have further reviewed the Electronic Communication Act, with particular focus on sections 13(1) and 31(2A). On reviewing these elements, the view has been taken that the application for the transfers of licenses from BCX to Telkom will not be required," the statement reads.

The application for the license transfer was therefore withdrawn from ICASA. However, the transaction between Telkom and BCG remains on course for completion, pending final approval from the competition authorities.