Blue Label Telecoms finalises Cell C recapitalisation

Blue Label Telecoms, a listed telco group, has finalised its recapitalisation of mobile operator, Cell C.

Jose Dos Santos (pictured), Cell C CEO, said in a statement:

"We are delighted to have concluded this two-year long process for the benefit of all our stakeholders. The recapitalisation provides a sustainable growth platform for Cell C that will promote healthy competition in the South African telecom market to further drive down costs and improve our value offerings."

Through its wholly owned subsidiary, The Prepaid Company, Blue Label now owns 45 percent of the issued share capital of Cell C.

According to Blue Label, the Cell C recapitalisation has been fully implemented, resulting in Cell C's Net Borrowings being reduced to less than R6 billion.

The deal has a value of R5.5 billion.