Net1 CEO Herman Kotzé terminated the group’s R2bn deal with Blue Label Telecoms on his first day of the job. Net1 and Blue Label issued separate statements on Thursday morning saying a deal announced in October 2016 — whereby Net1 would assist Blue Label acquire 45% of Cell C — had been halted. Under former CEO Serge Belamant, who stepped down on Wednesday, Net1 had agreed to buy 15% of Blue Label by subscribing for 118-million shares at R16.96 each. Blue Label’s share price has subsequently declined to R15.70 at Wednesday’s closing price.
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