Loading...
See More

Cell C sells Virgin stake

Feb 09 2011 11:41
Sapa
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

24.com 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
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Scenario planner Clem Sunter says he is as passionate about economic freedom as Julius Malema, but his bet is on entrepreneurs to open up the whole economy.
 

Money Clinic

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

Voting Booth

Introducing tablets in schools is:

Previous results · Suggest a vote

Loading...