South Africa’s Competition Tribunal has approved the ZAR2.3 billion (USD150 million) majority takeover of fibre-to-the-home (FTTH) operator Octotel by emerging market investment firm Actis. The regulator has attached no conditions to the approval, which has been carried out by holding company Main Street 1788.
Actis first announced the deal on 12 October. At the same time Actis signed agreements to acquire a non-controlling interest in ISP RSAWEB. Both businesses – founded by Rob Gilmour and Mark Slingsby, who will remain as shareholders – will continue to be run by the existing management teams. Caxton and CTP Publishers and Printers and the Pembani Remgro Infrastructure Fund will fully exit their respective positions in the two entities as a result of the takeover by Actis.
Founded in 2016, Octotel currently presides over an open access FTTH network which passes more than 175,000 premises. Billed as ‘Cape Town’s largest open access network’, Octotel says its service is sold via 50 ISPs.