Finance

CDC Group invests $180 million in Liquid Telecom

Tuesday, 11 December 2018 17:51
CDC Group invests $180 million in Liquid Telecom

(Ecofin Agency) - CDC Group, the development finance institution owned by the British government, invested $180 million in Liquid Telecom, the largest pan-African internet connection supplier via optical fibre cable, Bloomberg  reported on December 11, 2018, citing one of the telecommunications operator’s managers.  

With this investment, CDC Group will acquire about 10% stake in Liquid Telecom, which is mainly owned by Zimbabwean group Econet.

"The funding will enable Liquid to expand its network in five new countries including Nigeria and Ethiopia", indicated Nic Runic (photo) Liquid Telecom’s CEO.

"This is a capital intensive business. The plan was to seek a longer-term equity partner to back expansion into countries that don’t always offer a quick return on investment", said Strive Masiyiwa, founder and majority stakeholder of Econet.

Thanks to this investment, Liquid Telecom will temporarily abandon its project to get listed on London stock exchange.

But, according to M. Masiyiwa,  an introduction of Econet group on London Stock Exchange is still possible.

"The listing option will always be there and we will follow instructions from the shareholders.We are a profitable company and have enough capital and funding for the next few years", he added.  

Founded in 1997, Liquid Telecom is now the leading Panafrican optical fibre cable with a network of about 70,000 km, spanning from the Cape to Cairo.



 
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