Econet transfers 49% Ecoweb stake to Liquid in USD70m partnering deal

3 May 2011

Econet Wireless Zimbabwe has signed a USD70 million partnership agreement with associated company Liquid Telecommunications Holdings (Liquid), which henceforth takes a 49% stake in the cellular operator’s ISP arm, Ecoweb. According to Byo24News, the deal is aimed at strengthening broadband operator Ecoweb and furthering the group’s aims of providing universal access to telecoms services. Econet chairman Tawanda Nyambira confirmed that Liquid took a 49% stake in the ISP, and will also provide a significant amount of money to roll out fibre-optic infrastructure, adding that the deployment of network equipment acquired in the past year would be completed in the next financial year. Nyambirai added that the fibre-optic project will boost the capacity of the group’s transmission backbone, while allowing Econet/Ecoweb to add several new value added services to its broadband range ‘soon’.