Net1 concludes investments in Cell C and DNI
Net1 UEPS Technologies has concluded its investments in Cell C and DNI, which is the wholesaler of Cell C starter packs in SA.
Net1 acquired a 15% interest in SA' s third mobile operator for R2bn in a deal that will be settled in cash and debt.
The JSE and Nasdaq listed company also acquired a 45% direct interest in DNI for R945m in cash.
Net1's investment in Cell C forms part of the larger re-capitalisation plan for Cell C, which has resulted in a net debt reduction to less than R6bn, from R19.5bn
Separately, Blue Label Telecoms acquired 45% of Cell for R5.5bn.
"The conclusion of our re-capitalisation with the introduction of key strategic partners such as Net1 and Blue Label, sets Cell C up to be a disruptor in the traditional mobile market in SA," Cell C CEO Jose Dos Santos said in a statement.
Source: BDpro