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Liquid Telecom raises $307m in rights issue

SA

South Africa’s fiber network operator Liquid Telecom has announced it has raised US$307 million through a rights issue to fund a speedy expansion of its data center business some strategic countries in Africa.

Africaincmag.com reports that “the rights issue included an additional US$40 million from U.K. development finance institution CDC Group Plc, the group said in a statement.”

“Africa has significant untapped economic potential that is being unlocked by improving connectivity, data storage and the use of cloud-based applications,” Liquid Telecom Chief Executive Officer Nic Rudnick said

Other global giants like Amazon.com Inc., Huawei Technologies Co. and Microsoft Corp. have been among companies investing in data center capacity in African countries in recent years. The market’s attracting buyout firms, as well. Boston-based private equity firm Berkshire Partners acquired a stake in Teraco Data Environments, and Actis invested in Nigeria’s Rack Centre.

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