October 5, 2016 / 5:41 AM / 10 months ago

BRIEF-Net1 says buys 15 percent stake in Blue Label Telecoms

1 Min Read

Oct 5 (Reuters) - Net1 UEPS Technologies Inc

* Announces acquisition of a strategic stake in Blue Label Telecoms

* Aggregate subscription consideration payable by Net1 is 2.0 billion rand or about $144.0 million

* Entered into a share subscription agreement with Blue Label Telecoms to subscribe about 117.9 million shares

* Following implementation of subscription, Net1 will own about 15 pct of issued ordinary shares in Blue Label

* To settle subscription through cash resources, debt instruments, an equity issuance of 5 million shares of common stock

* Following implementation of subscription Net1 will be entitled to nominate a director to Blue Label's board Source text for Eikon: Further company coverage:

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