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RMB, Investec in Talks With South Africa’s Cell C Over Funds

  • South African mobile operator to raise about $280 Million
  • Blue Label Telecoms bought 45% of Cell C in previously
Updated on

Cell C Pty Ltd. is in advanced talks with FirstRand Ltd.’s unit Rand Merchant Bank and Investec Ltd. to provide the South African wireless carrier with about 4 billion rand ($280 million) of fresh capital, according to people familiar with the matter.

The country’s fourth-largest mobile-phone provider, partly owned by Johannesburg-listed Blue Label Telecoms Ltd., is nearing the end of a recapitalization plan to pay down debt, said the people, who asked not to be identified as the information is still private. Deals have been concluded with former creditors to pave the way for new funding, they said.