South Africa's Cell C to Place Some Assets In SPV

South Africa’s third-biggest telecom operator, Cell C, plans to hive off assets into a new special purpose vehicle (SPV), the country’s competition watchdog said on Thursday, as part of a plan to restructure the company’s debt, Reuters reported. Gatsby SPV has been set up for the purpose of the proposed transaction, the Competition Commission said in a statement. It did not give details about the deal or indicate which assets of Cell C may be sold to Gatsby. The Commission said Gatsby SPV will be controlled by a trust that is yet to be formed. As that may raise competition concerns, the Commission said it recommends that Gatsby SPV and/or the trust will not be owned or controlled by companies that compete or may compete with Cell C or firms that have a customer-supplier relationship with Cell C. Read more