Blue Label Telecoms has announced that Cell C will get a new minority shareholder.
“Blue Label wishes to announce that Cell C has concluded a binding term sheet with The Buffet Consortium in terms of which Buffet shall, subject to the fulfilment of certain conditions precedent, become a minority shareholder in Cell C,” said the company.
“With Buffet support the Cell C balance sheet will be bolstered and ensure Cell C’s sustainable growth for the future.”
“A further detailed announcement shall be made once the parties have executed the transaction documents required to give effect to the principles recorded in the binding term sheet,” added the company.
The announcement comes on the same day that Cell C informed the public that its CEO Jose Dos Santos was stepping down from his position.