Cell C exits Virgin Mobile South Africa

South Africa based virtual operator, Virgin Mobile has announced that its mobile network partner, Cell C is selling its 50 per cent stake in the company, although it will continue to provide the underlying network services for Virgin Mobile South Africa, which was launched in 2006.

Calico Investments of the Bahamas is acquiring a 45 per cent stake of the company, while Virgin Group is buying the remaining five per cent to take its holding to 55 per cent. The financial terms of the deal were not disclosed.

"Virgin Mobile has shown consistent high subscriber growth and has significantly increased its base of higher ARPU post pay subscribers in South Africa over the last two years,” commented Steve Bailey, CEO, Virgin Mobile. “It is time for us to capitalise on this growth and bring in an additional shareholder to invest in Virgin Mobile’s further expansion, which will enable us to deliver more exciting products and services to our valued customers.