JSE-listed Blue Label has secured Competition Tribunal approval for the acquisition of the remaining 52.63% of mobile device distributor 3G Mobile.
The local telecommunications firm had, through its The Prepaid Company subsidiary, acquired 3G Mobile for R1.9-billion, with the initial acquisition of 47.37% of the issued share capital bought for R900-million, followed by the acquisition of the remaining 52.63% for R1-billion.
“Blue Label is pleased to advise shareholders that the acquisition by The Prepaid Company of the issued share capital of 3G, for a purchase consideration of R1-billion, has been approved by the Competition Tribunal,” the company said in a statement on Monday.
This was the last condition to the transaction, which will be implemented in February 2018.
“3G, being a supplier and financier of handsets and tablets for mobile network operators, adds an exciting business opportunity to the Blue Label stable of companies and, with its ability to leverage off Blue Label’s network, 3G will be Blue Label’s new platform for expansion into new markets and into different hardware products, in addition to its current business,” Blue Label concluded.