Liquid secures USD300m funding for expansion

Pan-African fibre-optic provider Liquid Telecom – majority-owned by Econet Wireless – has secured ZAR4.30 billion (USD300 million) to help fund expansion in Africa, ITWeb Business writes. Liquid CEO Nic Rudnick revealed that Standard Bank is arranging the syndicated loan to help fund the ZAR6.55 billion acquisition of the controlling stake in South African broadband operator Neotel from Tata Communications of India, in addition to other deals currently underway in Botswana and Tanzania. Rudnick said: ‘The purpose of the additional funding would be to allow the group to expand … Our strategy is to roll out fibre continuously and to bolster that with sensible acquisitions.’ Following the completion of the Neotel deal, Liquid could consider selling shares in the combined entity on a stock exchange, though the executive added: ‘We haven’t made a final decision on this as we just completed a funding drive.’