STOA, The investment vehicle of French bank CDC, acquired 23.08% of the capital of South African optical fiber operator Metro Fibre Networks.

According to Marie-Laure Mazaud, deputy managing director of STOA, this investment is the third of a large infrastructure investment project. It will “help support a firm with strong growth in a dynamic market (…) and offer a first-class connection to the country’s households and firms,” she said.

 The investment aimed at “extending our portfolio to the telecommunications sector is a logical step for STOA whose goal is to favour the socio-economic development of African countries and reduce digital bridges,” the executive added.

Steve Booysen, CEO of Metro Fibre Networks, explained that for their clients, this transaction “means better access to quality and reliable optical fiber internet infrastructure as well as to related products.”

“For our colleagues, this transaction offers better career opportunities as the firm is growing and, more importantly, creates new jobs where the youth employment rate is one of the highest in the world,” he continued.