Liquid Telecom to acquire assets from Altech Group
30 January 2013 | Kavit Majithia
Liquid Telecom is set to acquire the east African telecoms assets of The Altech Group.
The move is designed to create one of the largest single fibre networks spanning Kenya, Rwanda, Zambia, Zimbabwe, Botswana, DRC, Lesotho and South Africa.
As part of the move, Altech becomes a minority shareholder in the Liquid Telecom group with an initial 8.5% equity stake, with shareholder voting rights of 10%.
Liquid Telecom takes a 61% stake in Kenya Data Networks, full ownership of DRC-based Africa Data Networks and voice and data solutions company Swift Global, in addition to Ugandan ISP InfoCom.
“Liquid has been building and investing in a pan-African fibre network for many years and this deal will accelerate our progress by enlarging our network footprint and complementing our existing product portfolio,” said Nic Rudnick, CEO at Liquid Telecom. “We are a strong and ambitious company and have a long-term investment plan for all the companies we are acquiring.”
Rudnick outlined the importance of fibre connections across Africa in Capacity’s Big Interview in June 2012.