Nedbank Corporate and Investment Banking has agreed to acquire a 25% stake in Comsol, a South African telecoms company which aims to spend ‘hundreds of millions of rand’ on a fibre-optic and wireless broadband network in South Africa. The telecoms company is planning to launch nationwide open-access carrier-grade network, Comsol Fibre Connect, in major metro centres and small towns with speeds ranging from 2Mbps to 1Gbps. The initial funding of more than ZAR500 million (USD33 million) will be provided by Convergence Partners, Nedbank Private Equity and the Industrial Development Corp. In addition, Comsol CEO Iain Stephenson said the company is planning to spend a further ZAR1 billion on existing fibre infrastructure and leased fibre. ‘In addition to its extensive coverage in the major metros, cities and district councils, Comsol will connect over 200 towns and cities across the country via Comsol Fibre Connect … Deployment in outlying areas has begun, with the majority of towns to be connected by December this year,’ the company said in a press release.