February 22, 2019 / 12:32 PM / a year ago

Consortium to take minority stake in South Africa's Cell C

JOHANNESBURG, Feb 22 (Reuters) - Blue Label Telecoms said on Friday a consortium had agreed to take a minority stake in South Africa’s third largest mobile carrier Cell C, of which it owns 45 percent.

The company said that the support of The Buffet Consortium would bolster Cell C’s balance sheet and ensure sustainable growth going forward, without disclosing the size of the stake or how much it would raise.

A further detailed announcement would be made a later stage, it said in a statement, adding the transaction was subject to certain conditions.

Reporting by Emma Rumney; Editing by Kirsten Donovan

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