Cell C Limited (Cell C), the fourth biggest mobile operator in South Africa, listed on the Johannesburg Stock Exchange (via a holding company) in November 2025.

Werksmans advised Blu Label, the controlling shareholder in Cell C until the listing, on the sector-specific regulatory requirements applicable to the listing, including the Broad-Based Black Economic Empowerment (B-BBEE) Requirements, and advised on the transaction structuring in order to ensure telecommunications regulatory compliance. Post-transaction, Werksmans also advised Cell C on the regulatory approval and notification requirements applicable to the transaction, advised on the regulatory aspects of the deal agreements, and prepared the notification to ICASA following the change of shareholding in Cell C. R2.4 billion in proceeds from the deal were earmarked to go towards creating the B-BBEE company to hold up to 30% in Cell C. The listing of Cell C marked a significant step in Cell C’s growth, reinforced its growth strategy, and strengthened its competitive position across telecommunications business segments.