Blue Label hikes Cell C stake to 45%, recapitalisation to be concluded by mid-Nov

The recapitalisation of telecommunications group Cell C is expected to be concluded by November 18, with JSE-listed Blue Label hiking its stake to 45% in a deal that will enable South Africa’s third-largest mobile operator to reduce its debt by R8-billion. The signing of the conditional agreements for a proposed recapitalisation of Cell C meant that Blue Label will now contribute R5.5-billion in a subscription – up from the previously proposed R4-billion for 35% – through its wholly owned subsidiary The Prepaid Company.