Cell C sells 50% stake in Virgin Mobile South Africa.

By bne IntelliNews February 11, 2011
South Africa's third-largest mobile phone operator, Cell C said it will sell its 50% stake in Virgin Mobile South Africa for an undisclosed amount. Cell C will sell its 50% stake in Virgin Mobile and Virgin Group of the UK will increase its stake from 50% to 55% and Bahamas-registered Calico Investments will acquire the remaining 45% stake in the company, Cell C said in a statement. The closing of the transaction is expected by April 2011. Cell C will continue as Virgin Mobile's network partner in terms of an updated and expanded network services agreement. Virgin Mobile South Africa was launched in June 2006 as the country's first mobile virtual network operator (MVNO). The operator employs 175 people and has over 300,000 mostly post-paid active customers, according to data from its website. The company posted revenues of over ZAR 1bn (USD 139mn) in 2010.
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