Econet Agrees to Pay $428 Million for Neotel With Investors
HARARE, Zimbabwe, Capital Markets in Africa: Econet Wireless Global affiliate Liquid Telecom agreed to pay 6.55 billion rand ($428 million) for South African Internet-service provider Neotel Pty Ltd., creating the continent’s largest broadband network and business-to-business phone carrier. Shares of Tata Communications Ltd., which is selling the stake, surged. The buyer is partnering with Royal Bafokeng Holdings, a South African empowerment investment group, which has committed to taking a 30 percent stake in Neotel, according to…
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