Afrimax raises $120 million for LTE roll-out

15 September 2015 |


Afrimax Group has secured $120 million of funding from a group of global investors to accelerate the roll-out of its LTE network across sub-Saharan Africa.

The investment round was led by Mitsui & Co., together with several private investors spearheaded by Spanish private investment firm Torreal, as well as existing shareholders Four G Capital, the International Finance Corporation, and the IFC African, Latin American and Caribbean Fund. 

“We are excited by the growth opportunities in Sub Saharan Africa, where Afrimax has secured one of the industry's largest footprints of 4G licences, and plan to rapidly replicate the successful launch of Vodafone Uganda,” said Nobuaki Kitamori, COO of IT & communication business unit of Mitsui & Co. With the support of our fellow shareholders, we look forward to building one of the region's leading next generation MNOs.”

The funding is the latest in a series of investments in Afrimax. In November 2014, Vodafone and Afrimax jointly announced a non-equity strategic framework agreement to seek opportunities for partner market agreements in the sub-Saharan Africa region.