WirelessG announced today (18 February 2013) that a BEE consortium, Mightycare Mosegedi, has made an offer to acquire a 26% stake in G-Mobile Holdings – the holding company of WirelessG.
The agreement has been signed on a discounted basis, with the total stake value amounting to R48.5 million.
“Mightcare Modegedi is represented by well-known corporate profiles within the telecommunications market,” WirelessG said in a press statement.
The company added that the Mightycare Mosegedi Consortium is well aware of the current legal dispute between WirelessG and Vodacom.
“However, they remain confident in its decision to invest due to the large business potential contained within the shareholders agreement between WirelessG and Vodacom,” said WirelessG.
Resolving the dispute between WirelessG and Vodacom is a condition precedent to the transaction.
WirelessG CEO Carel van der Merwe said that the WirelessG board has approved the transaction this morning at a special board meeting.
“With the in-depth knowledge and experience Mightycare Mosegedi holds, we view them as the best possible candidate to pursue our strategic objectives,” said van der Merwe.
Despite the sensitivity around the BEE partners, WirelessG revealed that one of the representatives of its BEE consortium is Gladwin Marumo.
Marumo is the former special advisor to the Communications Minister and the former chief operating officer at Sentech.
WirelessG said that the other partners in the consortium will be revealed at a later stage.