Mobile operator Cell C has agreed to sell its 50% stake in Virgin Mobile South Africa for an undisclosed sum.
UK-based Virgin Group will increase its stake from 50% to 55% and Bahamas-based Calico Investments will acquire the remaining 45% stake. The two…
Mobile operator Cell C has agreed to sell its 50% stake in Virgin Mobile South Africa for an undisclosed sum.
UK-based Virgin Group will increase its stake from 50% to 55% and Bahamas-based Calico Investments will acquire the remaining 45% stake. The two shareholders plan to invest additional capital into Virgin Mobile develop products and services.
The closing is expected to take place by April 2011.
Virgin Mobile will continue to use Cell C’s network.
Gordon McCallum, Virgin Management Limited’s CEO, said: “Virgin and Cell C have invested substantially to establish VIRGIN MOBILE in the South African market. It is gratifying to see it now move into this second phase of development as the first fully independent MVNO in South Africa. With our new shareholder on board and the network services agreement in place with Cell C, we expect VIRGIN MOBILE to grow and deliver what the Virgin brand is renowned for – exceptional value, innovation and customer service.”
