Cell C and Blue Label Telecoms are racing against time to secure signatures from creditors in a bid to conclude their multibillion- rand tie-up. Cell C owes about R23-billion to several financial institutions including the China Africa Development Fund, the Industrial and Commercial Bank of China (ICBC), Nedbank and the Development Bank of Southern Africa. Blue Label plans to close the deal on Tuesday to buy a 45% stake in Cell C for R5.5-billion. Total equity investment is R16-billion from Cell C's holding company 3C Telecommunications, Blue Label Telecoms, and Cell C's management and staff. The deal with Blue Label is expected to cut Cell C's debt to R6-billion.
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