Cell C says cha ching - agrees to Blue Label Telecoms deal
Cell C announced on Wednesday the boards of Cell C and 3C Telecommunications have accepted offers received from Blue Label Telecoms. Blue Label Telecoms offered R4 billion to subscribe for a number of shares to hold 35% of the total issued shares in Cell. Cell C management and staff submitted an offer of R2.5 billion to subscribe for a number of shares to hold about 30% of the total issued shares in Cell C.3C Telecommunications will also subscribe for a number of shares to hold about 35% of the total issued shares.Cell C announced earlier this month it had received offers to recapitalise the company to reduce net debt to R8billion.“This transaction will not only benefit Cell C and empower its staff‚ but more importantly‚ it will solidify Cell C’s assurance to its customers to provide the most innovative products and services‚ backed by continued growth and investment in its network. We welcome Blue Label Telecoms as a strategic partner and know that it will add value to Cell C going forward‚” said Cell C chairperson Mohammed Hariri...
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