Net1 exits Blue Label vendor placement, continues to acquire direct Cell C stake

Dual-listed Net1 UEPS Technologies on Thursday said it will continue to progress its plans to acquire a 15% direct interest in mobile operator Cell C for R2-billion after cancelling its agreement to subscribe for shares in Blue Label. Net1 had initially committed to subscribe for R2-billion of Blue Label shares as a vendor consideration placement in the original Cell C recapitalisation plan under which Blue Label is acquiring a 45% stake in the mobile operator.