Telecom Namibia Limited agreed to acquire Leo for approximately NAD 240 million on January 9, 2012. Telecom Namibia will pay a nominal price of NAD 2. In addition, Telecom Namibia will have to pick up the NAD 240 million tab for Leo's mounting debt and give its current owners NAD 96.5 million worth of shares in Powercom. The transaction is subject to approval from The Namibia Competition Commission (NaCC) and Communications Authority of Namibia (CRAN). As of January 18, 2012, The Namibia Competition Commission invited stakeholders to make written submissions on a proposed merger between Leo and Telecom Namibia and stated the closing date for submissions as January 25, 2012. As of March 6, 2012, The Namibia Consumer Trust (NCT) has expressed its opposition to the proposed Telecom Namibia and Leo merger.

The Namibia Competition Commission (NaCC) approved the transaction on April 27, 2012. However the approval is conditional upon Telecom Namibia and MTC getting a separate and independent shareholding structure by April 24, 2014. The deal is also subject to approval from Communications Authority of Namibia. As of July 19, 2012, Frans Ndoroma has resigned as Chief Executive Officer of Namibia Post and Telecommunication Holdings Limited and Kangueehi-Kanalelo resigned as the company secretary/legal advisor. The resignations are meant to satisfy part of the conditions set by the Namibian Competition Commission. The High Court ordered Cran to reconsider the conditions, "if any", by October 19, 2012 to allow Telecom Namibia to buy Leo for the nominal price of NAD 2.

Telecom Namibia Limited completed the acquisition of Leo on November 28, 2012. The transaction was approved by the Communications Regulatory Authority of Namibia.