Telecommunications firm, Caricel, has announced that it’s been acquired by a South African company, Involution Limited.
In a statement to the media today, Caricel says the acquisition took place under a recent Sale Agreement. According to Caricel, the agreement resulted in the transfer of its majority shares to the South African company.
Director and CEO of Caricel. Lowell Lawrence, says the acquisition by involution is an exciting development.
Mr. Lawrence says more discussions are taking place towards finalizing the nature of Involution’s involvement in the operations of Caricel.
The statement today from Caricel quotes Chairman of Involution Limited, Gustav Schoeman, as saying that he’s committed to furthering his Company’s strategy to disrupt the mobile industry by creating new generation data-focused mobile networks.
Caricel notes that Involution was founded in 2017 by several South African tech entrepreneurs.
Involution’s parent company, InstituteX was reportedly founded by the four partners in 2010.
Last year, the Government began the process of revoking Caricel’s license. The decision followed concerns expressed by the US Government about an alleged associate of Caricel. The revocation process has not been completed. It’s not immediately clear what implication the reported acquisition of Caricel by the South African company may have on the revocation process.
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