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Africa’s Largest Broadband-Network Provider Considers Share Sale
HARARE (Capital Markets in Africa) – Liquid Telecom reiterated that it’s considering an initial public offering as Africa’s largest broadband-network operator prepares for its next stage of growth following the $500 million acquisition of Neotel Pty Ltd. in 2016.
The unit of Zimbabwean businessman Strive Masiyiwa’s Econet Wireless Global Ltd. owns about 40,000 kilometres (25,000 miles) of cross-border fiber networks in Africa and has ambitions to link up homes and businesses in some of the world’s least-connected countries. Liquid needs funds to “support the group’s growth plans and give it access to a wider range of capital-raising options in the future,” it said in a statement.
Liquid Chief Executive Officer Nic Rudnick told Bloomberg News a year ago that an IPO was a possibility. Econet is also considering selling shares on the London Stock Exchange that could value the company at about $8 billion, people familiar with the matter said in November.