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South Africa : AUTOPAGE inks R91.5 million sale agreement with NASHUA MOBILE to purchase its 65,000 strong Cell C subscriber base.

A wholly owned subsidiary of Altron, Autopage, has inked a sale agreement with Nashua Mobile to purchase its 65,000 strong Cell C subscriber base in a deal worth R91.5 million.

The parent firm of the mobile service provider Nashua Mobile, Reunert, in the month of April, revealed plans to sell off its MTN and Vodacom subscriber bases saying that it is unlikely that this business would generate acceptable returns.

According to the group, the sale would generate a combined gross sum of R2.26 billion plus VAT.

Mark Taylor, Nashua Mobile chief executive, stated that Nashua Mobile was planning to wind down completely within the next six months.

According to Altron's SENS announcement on Monday the purchase consideration for the transaction will be subject to a formula based adjustment on the basis of several factors like ARPU, churn and bad debts, associated with Nashua MobileA[sup.3]s Cell C subscriber base.

The transaction between Autopage and Nashua Mobile will be further subject to unconditional approval of the Competition Authorities.

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Publication:Mena Report
Date:May 27, 2014
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