A few more details have emerged about Cell C’s planned recapitalisation, with the Competition Commission on Thursday saying it has given its conditional approval for an entity called Gatsby Security SPV to acquire “certain aspects” of the mobile operator.

Gatsby SPV, the commission said in a statement, is a “ring-fenced, newly incorporated special purpose vehicle which was incorporated for the sole purpose of entering into the proposed transaction”.

Gatsby SPV is a ring-fenced, newly incorporated special purpose vehicle which was incorporated for the sole purpose of entering into the proposed transaction

The commission said the proposed transaction is “unlikely to result in a substantial prevention or lessening of competition in any relevant markets”.

“To remedy this potential risk, the commission recommends that the proposed transaction be approved subject to conditions 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 (other than a lending relationship).”

According to records at the Companies and Intellectual Property Commission, Gatsby Security SPV is a private company registered on 16 March 2020 that shares the same physical address as Cell C’s largest shareholder, Blue Label Telecoms, namely 75 Grayston Drive, Sandton.