All data is delayed
See More

Cell C sells Virgin stake

Feb 09 2011 11:41
Johannesburg - Cell C is selling its 50% shareholding in Virgin Mobile but will continue as network partner, Virgin said on Wednesday.

Virgin Mobile SA's "board has agreed to a shareholders' restructuring whereby Cell C will sell its 50 percent stake in Virgin Mobile", the company said in a statement.

Virgin Group of the UK (Virgin) will increase its stake from 50% to 55%.

Calico Investments of the Bahamas (Calico) will acquire the remaining 45% stake. Calico, an investment company focused on opportunities in emerging markets and in Africa, will invest more growth capital into Virgin Mobile.

The transaction is still subject to certain conditions, including approvals from the Competition Commission and Exchange Control.

It was expected to be finalised by April 2011.

Cell C will continue as Virgin Mobile's network partner under an updated network services agreement.

Virgin Mobile was launched in 2006.
cell c  |  sa


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote