“The shareholders of Neotel -- Tata Communications of India and minority shareholders led by Nexus Connexion -- have agreed for Liquid Telecom to acquire Neotel for ZAR 6.55 billion,” Tata Communications said in a BSE filing. It further said: “Liquid Telecom is partnering with Royal Bafokeng Holdings (RBH), a South African empowerment investment group, which has committed to take a 30 per cent equity stake in Neotel.”
Tata Communications added that the transaction, subject to all affirmative, corporate and other regulatory approvals, is transformative and will create the largest pan-Africa broadband network and B2B telecom provider. “Through a single access point, businesses across Africa will be able to access Liquid Africa’s 24,000 km of cross-border, metro and access fibre networks. These currently span 12 countries from South Africa to Kenya, with further expansion planned,” it said.